NUUK: Critical Metals Corp (NASDAQ: CRML) has obtained final government approval to acquire the remaining 50.5% interest in the Tanbreez rare earth mine in southern Greenland, boosting its total ownership to 92.5%, the company announced Monday.
The Greenland government’s decision removes a major regulatory hurdle for the Tanbreez Project, one of the world’s largest rare earth deposits. European Lithium Ltd (ASX: EUR), which holds a 7.5% minority stake in the project, will retain its interest.
“This is a game-changing moment for Critical Metals and solidifies its position as the controlling stakeholder in one of the world’s largest rare earth deposits,” said Tony Sage, executive chairman of European Lithium. “The full support and approval of the Greenland government has removed the most significant structural overhang on the Tanbreez Project and provides the clarity to advance the Tanbreez Project to production with confidence.”
Sage added that the project is advancing with momentum, supported by technical programs, strong metallurgical results, and engagement with offtake partners.
“Tanbreez is no longer a future project — it is a project in development,” he said.
European Lithium said the announcement was approved for release on the Australian Securities Exchange by its board of directors. Further details were available in a press release on Nasdaq’s website.