Critical Metals Corp. to Aquire Controlling Stake in Large Rare Earth Project in Greenland

The mining development company Critical Metals Corporation has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine.

According to a press release, the Tanbreez Project is one of the largest rare earth deposits in the world, and offers a foundational permitted rare earth asset in North America and Europe.

Once operational, the project is expected to supply rare earth elements (REEs), a set of metallic elements, to customers in the western hemisphere to support the production of a wide range of next-generation commercial products, as well as demand from the defense industry. 

“Tanbreez is a game-changing rare earth mine for the West, and is a key step towards positioning Critical Metals Corp. as the preeminent critical minerals supplier with a diversified, multi-asset portfolio that spans multiple geographies,” says Critical Metals Corporation CEO and Chairman, Tony Sage.

With China dominating more than 90 percent of the REEs, Critical Metals Corp. acquisition of the mine strategically would establish it as a reliable supplier of critical minerals for the western world, the press release reads. 

Acces to key transportation

The Tanbreez Project is located in Soutern Greenland and is expected to have access to key transportation outlets as the project’s area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean. 

The project is permitted with a license to mine the asset, which was granted by the Greenland Government in 2020. Furthermore, the project is expected to possess greater than 27 percent heavy rare earth elements (HREE).

“With Tanbreez expected to be under the Critical Metals Corp banner, we will have the ability to further support our commercial network in Europe while simultaneously being able to evaluate additional opportunities to tap into the upside potential of the North American market. Critical Metals Corp continues to capitalize on macro-economic tailwinds and government support which are accelerating the demand for critical minerals as we play an essential role in supporting the green energy transition," Sage concludes. 

The transaction is valued at up to $211 million.