U.S.-based Critical Metals has signed a binding heads of agreement to acquire a controlling interest in one of the largest rare earth deposits in the world – the Tanbreez project in southern Greenland.
Acquired from Rimbal Pty Ltd., Tanbreez offers Critical Metals a foundational permitted rare earth asset in North America and Europe. The company noted the transaction is valued at up to $211 million.
“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,” said Critical Metals Corp CEO and Chairman Tony Sage.
“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.”
Tanbreez is expected to possess greater than 27% heavy rare earth elements, which carry a much higher value than light rare earth elements.
Source: Critical Metals