The previous Greenlandic government pinned high hopes on the island's potentially vast mineral reserves to reduce the territory's financial reliance on Danish subsidies. Denmark provides Greenland with 3.4 billion kroner (457 million euros) annually, which accounts for approximately two-thirds of the island's budget.
Greenland is the world's largest island, with a population of only 56 thousand. It is part of the Kingdom of Denmark, yet enjoys a high degree of autonomy.