By extending the sanctions deadline to Oct. 23, 2018, the Treasury Department has given Rusal and the aluminium market some much needed breathing space.
Since the commodities supercycle unwound nearly 10 years ago, many investors have been waiting for the right conditions to trigger mean reversion and lift prices.
Chinese interest in Greenland comes after Beijing expressed ambitions to form a "Polar Silk Road" by developing shipping lanes opened up by global warming.
The South American nation hopes to sign a deal with a foreign partner after a decade of state-led development left output far short of goals for the metal.