Mentioned:
A new rare earth processing facility is coming to Saudi Arabia. And Critical Metals is behind it.
What’s happening:
- Critical Metals (NASDAQ: CRML) has entered into a new joint venture with Saudi Arabian industrial giant Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company to build a new rare earth processing facility in Saudi Arabia
By the numbers:
- The new joint venture will commit up to $1.5B USD in total investment to building out a new large scale rare earth processing facility
- Critical Metals will also commit 25% of the offtake rights from their flagship rare earth project Tanbreez located in Greenland as part of the joint venture
Why it matters:
- This is one of the largest funding commitments for building out a rare earth processing plant ever in Saudi Arabia
Going deeper:
- The Tanbreez project now has committed 100% of their long term rare earth concentrate production through long term offtake deals
- Critical Metals also recently made waves when they formed a deal with FPCU to build out a rare earth processing plant in Romania to accelerate the development of a fully integrated rare earth supply chain within the European Union
