SYDNEY, AUSTRALIA: Critical Metals Corp. has announced the acquisition of a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Mine. The deal, which sees European Lithium Limited retaining a 7.5% stake, positions the Tanbreez Project as a key player in the global rare earth market.
The Tanbreez Project, located in Southern Greenland, is a permitted mining operation with an exploitation license granted by the Greenland Government in 2020. It boasts an outcropping ore body known as Kakortokite, covering an area of 8 x 5 km and approximately 400m thick, with year-round direct shipping access to the North Atlantic Ocean.
With over 27% heavy rare earth elements (HREE), the Tanbreez Project stands out in an industry dominated by light rare earth elements (LREE). These HREEs are essential for a variety of next-generation commercial products and defense industry demands.
Tony Sage, CEO and Chairman of Critical Metals Corp, hailed the acquisition as a “game-changing asset for the West,” emphasizing the project’s potential to establish the company as a leading critical minerals supplier with a diversified portfolio.
The acquisition is seen as a counterbalance to China’s dominance in the rare earth market, which currently stands at over 90%. By securing one of the world’s largest rare-earth deposits, Critical Metals Corp aims to reduce Western dependence on foreign imports and strengthen national security.
Financial advisory for the transaction was provided by Jett Capital Advisors, LLC and Cohen & Company Capital Markets, with legal advice from White & Case LLP. The Tanbreez Project is expected to be an environmentally friendly operation, producing minimal harmful byproducts in the mineralization process.
This foundational asset is set to benefit from regulatory support in Europe and North America, aligning with long-term trends for advanced technology in both commercial and government sectors. The strategic location and robust infrastructure promise a sustainable, reliable, and long-term supply of rare earth elements for the Western hemisphere.
Wheaton Precious Metals to buy silver from Mineral Park mine in Arizona