Critical Metals to acquire controlling stake in world’s biggest rare earth project

Critical Metals Corp. (Nasdaq: CRML) has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine, considered one of the largest rare earth deposits in the world. The miner acquired the mine from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes.Tanbreez is expected to contain more than 27% heavy rare earth elements (HREE). Once operational, the mine is anticipated to supply rare earth elements to customers in Europe and North America.The project is expected to have access to key transportation outlets as the Tanbreez’s area features year-round direct shipping access through deep-water fjords that lead directly to the North Atlantic ocean. The outcropping ore body known as Kakortokite covers an area of 8 km by 5 km and is about 400 m thick.“Tanbreez is a game-changing rare earth mine for the West and a key step in positioning Critical Metals Corp as the leading supplier of critical minerals, with a diversified, multi-asset portfolio spanning multiple geographies,” said Critical Metals Corp CEO and Chairman Tony Sage.Shares of Critical Metals rose 4.6% by 12:00 p.m. EDT. The company has a market capitalization of $877 million.Weiter zum vollständigen Artikel bei Mining.com Zum vollständigen Artikel