Mentioned:
CRML -11.17% ALOY -9.10%
Critical Metals has officially secured a controlling interest in one of the most important rare earth projects in the world. And it is just the beginning of their ambitions to reduce China’s dominance on rare earth element production.
What’s happening:
- Critical Metals (NASDAQ: CRML) has officially received approval from the Government of Greenland to increase their ownership in their flagship rare earth project Tanbreez to 92.5%
By the numbers:
- European Lithium (ASX: EUR) will continue to own the other 7.5% of the Tanbreez project in addition to their equity ownership stake in Critical Metals of roughly 37.5%
Why it matters:
- The new approval from the Government of Greenland makes Critical Metals the controlling owner in Tanbreez which is widely considered to be one of the single most significant rare earth deposits globally
Going deeper:
- Tanbreez notably contains both light and heavy rare earth elements including neodymium, praseodymium, dysprosium, terbium and others
- Critical Metals also just recently made waves when they publicly stated they have committed $30M USD into new infrastructure acquisitions and 6,000 metres of drilling at Tanbreez
The intrigue:
- Rare earth magnet company REalloys (NASDAQ: ALOY) also previously struck a deal with Critical Metals to secure 15% of the annual rare earth element production from Tanbreez
