Tanbreez Acquisition Positions Critical Metals as Key Supplier in Rare Earth Market

Tanbreez Acquisition Positions Critical Metals as Key Supplier in Rare Earth Market

Critical Metals has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine, one of the world’s largest rare earth deposits. The transaction is valued at up to $211 million.

The Tanbreez Project, located in southern Greenland, is a significant addition to Critical Metals’ portfolio. It offers a foundational rare earth asset that is strategically positioned to supply critical minerals to North America and Europe. The project is expected to produce over 27% heavy rare earth elements (HREE), which are more valuable than light rare earth elements (LREE).

CEO Tony Sage emphasized that Tanbreez is a pivotal acquisition for the company, positioning it as a key supplier of critical minerals essential for next-generation technologies and the green energy transition. The project is also expected to support national defense requirements.

The Tanbreez Project has an exploitation license granted by the Greenland Government in 2020 and features a 4.7 billion-ton multi-element resource. The site benefits from year-round direct shipping access via deep water fjords to the North Atlantic Ocean, and is located near established infrastructure, including an airport and shoreline transportation options.

As the first major transaction in Critical Metals’ strategic M&A roadmap, this acquisition underscores the company’s commitment to becoming a leading supplier of critical minerals for the western world. By reducing reliance on foreign imports, the project aims to bolster national security for western countries. icon

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