Mentioned:
One of the largest rare earth projects in the world has just landed their first ever supply deal.
What’s happening:
- Ucore Rare Metals (TSXV: UCU) and Critical Metals (NASDAQ: CRML) have entered into a new deal in which Critical Metals will supply Ucore Rare Metals with heavy rare earth element feedstock from their flagship Tanbreez project located in Greenland
Why it matters:
- This is the first ever supply deal Critical Metals has done leveraging their Tanbreez project, which is widely considered to be one of the world’s largest potential deposits of rare earth elements
Going deeper:
- Ucore Rare Metals will leverage the heavy rare earth element feedstock supplied by Critical Metals for producing high performance magnets at their processing facility located in Louisiana
- Critical Metals’ Tanbreez project has come into major political focus lately, which was notably fuelled by a letter of interest for a $120M USD loan from the United States Export-Import Bank
The intrigue:
- Ucore Rare Metals previously made major waves when they landed a $18.4M USD funding commitment from the United States Department of Defense for their rare earth separation technology known as RapidSX
