The announcement comes four weeks after the U.S. signed a deal with Greenland and Denmark to bolster American military presence on the island.
President Trump said Wednesday that "massive" oil, gas and mineral exploration is preparing to begin in Greenland.
In a statement posted on his Truth Social platform, Mr. Trump said "Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland," but did not give more details.
The president added that "there are Experts that are saying that the amount of easily available Oil is far greater than that of almost any land, anywhere in the World."
Mr. Trump also touted Greenland's role in the defense of the United States in Europe, saying that "any future attack" on the U.S. would have to come across the semi-autonomous island, "where our Defense will routinely knock down drones, missiles, or any other form of weapon not yet conceived."
"It gives us time, location, and sightline, like nowhere else in the World!" Mr. Trump added.
The announcement comes more than four weeks after the U.S., Greenland and Denmark, which oversees the territory, signed a new security agreement to bolster American military and security presence on the island.
That agreement, which gives the U.S. broad access to the island's airspace and territory, largely focuses on using Greenland for military purposes, but also mentions resource extraction and "minerals cooperation" between the two countries, without specifying any details.
The plan allows the U.S. to expand the existing Pituffik Space Base, the northernmost U.S. military installation which serves as an early-warning system for incoming missiles. The agreement also says the U.S. can establish additional bases at the sites known as Narsarsuaq and Mestersvig, which are roughly 950 miles apart. Any of the three parties can propose more "defense areas" as needed, subject to approval by the others.
The deal, which has no expiration date, also blocks non-NATO countries from establishing bases on the island without agreement from the parties.
Since his first term, Mr. Trump had cited Greenland's strategic location as one of the reasons for greater U.S. control over the semi-autonomous island, and even suggested purchasing the island from Denmark or using military force.
Some industry experts believe mineral resources in Greenland have only been lightly explored and up until now the cost of extraction has not made economic sense for private companies.