Critical Minerals to take majority stake in rare earth mega-play

Critical Metals to take majority stake in rare earth mega-play

Greenland

KILLAVAAT, June 11, 2024 – Critical Metals Corporation will acquire a 92.5% equity stake in one of the world’s largest known rare earth deposits, Greenland’s Tanbreez project, the US-listed mining development company said on Monday.

The Tanbreez play holds 28.2 million tonnes of total rare earth oxides and is expected to contain more than 27% heavy rare earth elements.

Critical Metals will acquire the stake from minerals service company Rimbal in a deal valued at USD 211 million.

The deal is expected to help secure a supply of the critical minerals for the USA.

In August 2020, the government of Greenland granted a permit for an 18-square-kilometre exploration area at the site, located at Killavaat Alannguat in South Greenland. The permit is held by project company Tanbreez Mining Greenland.