MINEX Forum

Tag: Tanbreez

  • Critical Metals approves Arctic pilot facility to advance Tanbreez rare earth project in Greenland

    Critical Metals approves Arctic pilot facility to advance Tanbreez rare earth project in Greenland

    Rare earth developer Critical Metals has approved the construction of a multi-use storage and pilot facility in Qaqortoq, Greenland, a move that sent its shares sharply higher on Wednesday. The new infrastructure is intended to support the company’s flagship Tanbreez project as it moves toward development.

    The company said the facility will be delivered under a full turnkey contract covering engineering, permitting, logistics, construction and commissioning. Designed specifically for Arctic conditions, the site is expected to be completed and operational by May 2026. In parallel, Critical Metals has acquired a residential property in Qaqortoq, which will be converted into a permanent local office and operational base.

    Chief executive Tony Sage said the project provides a clear and structured pathway to deploy pilot-scale infrastructure in a challenging Arctic environment, while also demonstrating the company’s commitment to responsible local operations.

    Investors reacted positively to the announcement, with Critical Metals’ stock rising as much as 16% to its highest level in more than two months, lifting the company’s market capitalization to around $1.5 billion.

    The Tanbreez project is regarded as one of the world’s largest rare earth deposits, hosting at least 45 million tonnes of resources within a largely underexplored kakortokite unit. Earlier this year, Critical Metals published a preliminary economic assessment outlining a phased development plan, with initial annual production of about 85,000 tonnes of rare earth oxides, potentially scaling up to 425,000 tonnes following modular expansion. The company has already secured offtake agreements covering roughly three-quarters of expected output and aims to finalize the remainder in the near term.

  • Critical Metals Corp and Romania’s FPCU Form 50:50 JV to Build EU Rare Earth Processing Hub Linked to Tanbreez

    Critical Metals Corp and Romania’s FPCU Form 50:50 JV to Build EU Rare Earth Processing Hub Linked to Tanbreez

    Critical Metals Corp. (Nasdaq: CRML) has executed a term sheet to establish a 50:50 joint venture with Romania’s state-owned Fabrica de Prelucrare a Concentratelor de Uraniu (FPCU), marking a major step toward creating a fully integrated, Western-aligned rare earth supply chain spanning mine to processing.

    Under the agreement, the JV will secure long-term offtake rights to 50% of Tanbreez’s rare earth concentrate production and advance plans to develop a state-of-the-art rare earth processing facility in Romania. The project is designed to supply European industries and defence sectors while reducing reliance on China, which currently controls more than 80% of global rare earth processing capacity.

    The JV structure is notable in that CRML will not issue debt or equity to fund the facility. The company will retain its 50% stake on a carried-interest basis, with no capital expenditure obligations related to construction. The plant is expected to produce a range of high-value outputs, including aerospace- and military-grade rare earth magnets.

    With this agreement, CRML will have 75% of Tanbreez’s future production committed under long-term offtake agreements with allied partners, following earlier deals allocating 10% to UCORE and 15% to ReAlloys. Once mining at Tanbreez is commissioned, CRML will supply half of the project’s concentrate to the Romanian JV for the full life of mine on competitive market terms.

    The partners will now work to finalise the technical and commercial framework for the JV, overseen by a dedicated development committee responsible for plant design, development strategy and commercialisation of processed products. Both CRML and the Romanian government plan to apply for funding under the EU’s recently announced €3.5-billion critical raw materials support package.

    CRML also confirmed it is updating its feasibility study to reflect a redesigned processing flowsheet at Tanbreez. The company is targeting an increase in concentrate grade from 2.2–2.5% to above 3% TREO, which is expected to improve mine-to-metal economics and downstream product quality. An updated feasibility study and revised timelines are expected by Q1 2026.

  • Critical Metals Corp Strikes 50:50 JV with Romania’s FPCU to Build EU Rare Earth Processing Hub

    Critical Metals Corp Strikes 50:50 JV with Romania’s FPCU to Build EU Rare Earth Processing Hub

    European Lithium’s US-listed subsidiary, Critical Metals Corp (CRML), has signed a term sheet to form a 50:50 joint venture with Fabrica de Prelucrare a Concentratelor de Uraniu (FPCU), Romania’s state-owned strategic processor of mineral concentrates. The agreement marks one of Europe’s most significant moves yet to establish a Western-aligned rare earths processing base as the EU and NATO seek to reduce reliance on China.

    Under the deal, the JV will secure 50% of the offtake from Greenland’s Tanbreez rare earth project, lifting the total volume under long-term agreements with Western partners to 75%. The partners plan to design, finance and construct a rare earth refinery in Romania to convert Tanbreez concentrate into high-purity metals, salts and military-grade magnet products.

    CRML chair and CEO Tony Sage described the agreement as a “monumental game-changer”, arguing that the partnership positions Europe to claw back strategic independence in rare earths. The facility, he said, will underpin sectors ranging from defence to advanced manufacturing, supplying feedstock sourced entirely from Western-aligned jurisdictions. CRML will retain a 50% stake in the JV on a carried basis and will not contribute capital to construction.

    FPCU CEO Cosmin Ghiță called the initiative a core pillar of Romania’s emerging industrial strategy, aligning with its ten-year plan to modernise strategic materials production. The plant will be located at the Feldioara complex, a site with a long history of refining and hydrometallurgical operations.

    The term sheet also outlines CRML’s intention to upgrade Tanbreez concentrate grades by revising its processing flowsheet, potentially lifting TREO content above 3%. The enhancements will be incorporated into an updated feasibility study to be completed by the end of Q1 2026.

    The announcement comes as the European Commission rolls out up to €3.5 billion in financing to strengthen critical raw materials supply chains under its new Economic Security Strategy. CRML and the Romanian government plan to apply jointly for support under the funding package.

    The JV is expected to serve as a cornerstone of Europe’s rare earth supply chain, processing up to half of Tanbreez’s resource for downstream European industries. Once Tanbreez enters production, CRML will supply the Romanian plant for the life of the mine under competitive, market-based terms.

    Critical Metals Corp currently controls two key assets: the Tanbreez rare earth megadeposit in southern Greenland and the Wolfsberg lithium project in Austria, the first fully permitted lithium mine in Europe. Both are positioned to feed Western supply chains for electrification, defence, and high-tech industries.

  • Critical Metals Secures Key Environmental Approvals for Tanbreez Rare Earth Project in Greenland

    Critical Metals Secures Key Environmental Approvals for Tanbreez Rare Earth Project in Greenland

    U.S.-based Critical Metals Corp. (Nasdaq: CRML) has received key environmental approvals for its Tanbreez rare earth project in southern Greenland, marking a major step toward the start of mining operations at one of the world’s largest rare earth deposits.

    The company announced on Tuesday that the Environment Agency for Mineral Resource Activities (EAMRA) has approved the geochemical test work and mine closure plan for the Hill area of the project. The reports, submitted in late September, were prepared by Danish engineering firm NIRAS, a leading environmental consultancy in the Nordic region.

    “The fast approval of these test reports, which can be credited to Greenland authorities as well as the professional work by NIRAS, is a key milestone for Critical Metals Corp towards commencing the mining process at Tanbreez,” said Tony Sage, CEO and Executive Chairman of Critical Metals.

    According to the company, only a few approvals remain — including the final parts of the mine and closure plan and plans for specific activities at the site.

    Following the announcement, Critical Metals’ shares rose nearly 3% to $11.26, giving the company a market capitalization of approximately $1.33 billion.

    A World-Class Rare Earth Deposit

    The Tanbreez project is among the largest rare earth deposits globally, with an estimated 45 million tonnes of resources spread across two main zones — Hill and Fjord. Roughly one-third of this total comprises heavy rare earth elements (HREEs), critical for clean energy technologies, advanced electronics, and defense applications. This makes Tanbreez the largest known heavy rare earth deposit worldwide.

    A preliminary economic assessment (PEA) released earlier this year estimated the project’s net present value (NPV) at $2.8–3.6 billion (depending on discount rates of 15% or 12.5%) and an internal rate of return (IRR) of 180%. The company plans an initial production phase of around 85,000 tonnes of rare earth oxides per year, scaling up to 425,000 tonnes annually following modular expansion.

    The orebody spans an area of 8 km by 5 km, but represents just 1% of the larger 4.7-billion-tonne host rock, suggesting strong potential for future expansion. Exploration work is ongoing at both deposit zones to support a forthcoming bankable feasibility study.

  • European Lithium Nets $50 Million from Partial Sale of Critical Metals Stake

    European Lithium Nets $50 Million from Partial Sale of Critical Metals Stake

    European Lithium (ASX: EUR) has generated an additional $50 million (A$76 million) through the sale of 3.85 million shares in Nasdaq-listed Critical Metals Corp (CRML) to a single U.S. institutional investor.

    The off-market transaction was executed at $13 per share, representing a 12% discount to CRML’s Friday closing price of $14.98. The sale follows a notable surge in CRML’s share price and trading activity on the Nasdaq, reflecting strong investor confidence in the company’s strategic position within the global critical minerals market.

    Executive chairperson Tony Sage said the deal underscored the robust demand for CRML stock.

    “The recent price increase and the large trading volumes on the Nasdaq show the demand for CRML shares is huge,” Sage commented.

    Following the sale, European Lithium retains 56 million CRML shares, valued at approximately $854 million (A$1.29 billion) based on the latest closing price.

    “The company’s holding in CRML equates to A$0.89 per EUR share,” Sage added. “EUR also holds a direct 7.5% interest in the Tanbreez project, and given CRML’s current market valuation of A$2.3 billion, this equity interest is very strategic.”

    European Lithium continues to advance its exploration and development portfolio across Austria, Ireland, Ukraine, and Australia, focusing on lithium and rare earth elements critical to the clean energy transition.

    Meanwhile, Critical Metals Corp (CRML) is strengthening its position as a major supplier of critical minerals to Western markets. Its flagship Tanbreez rare earth project in Greenland ranks among the world’s largest deposits, while its Wolfsberg lithium project in Austria—the first fully permitted lithium mine in Europe—is expected to play a key role in supporting the region’s battery and electric vehicle industries.

    CRML also holds a 20% interest in several Austrian mineral projects previously owned by European Lithium, building what it describes as a “strategic asset portfolio” supporting next-generation technologies and the global energy transition.

  • Critical Metals to Boost Tanbreez Stake in Greenland Rare Earth Project to 92.5%

    Critical Metals to Boost Tanbreez Stake in Greenland Rare Earth Project to 92.5%

    Critical Metals Corp (Nasdaq: CRML) will increase its ownership in the Tanbreez rare earth project in southern Greenland from 42% to 92.5%, securing control over one of the world’s largest rare earth deposits, major shareholder European Lithium (ASX: EUR) confirmed on Thursday.

    The revised agreement involves Critical Metals issuing 14.5 million shares to Rimbal Pty Ltd, a company controlled by project founder Gregory Barnes, at $8 per share – a 23% premium to the company’s last closing price of $6.49. The transaction is valued at $116 million and is subject to approval by the Greenland government, with completion expected in October or November 2025.

    Barnes agreed to waive a previous requirement for Critical Metals to commit $10 million in investment before qualifying for the increased stake. European Lithium will retain its 7.5% interest in Tanbreez, along with a 60% shareholding in Critical Metals, worth about $408 million at current market prices.

    The Tanbreez project hosts one of the world’s largest untapped heavy rare earth element (HREE) deposits, with more than 27% HREE content and an estimated 4.7 billion tonnes of host rock. A preliminary economic assessment completed in March valued the project at a pre-tax NPV of $3.04 billion, with an internal rate of return of 180%.

    Describing Tanbreez as “a game-changer” for Western rare earth supply chains, founder Gregory Barnes underscored the project’s strategic significance at a time when China dominates global supply, accounting for about 60% of production and 85% of processing.

    The move also coincides with discussions between the UK, EU allies, and Greenland over a potential critical minerals partnership, with Greenland’s foreign minister signalling the island’s mineral wealth as central to future cooperation.

  • Critical Metals Reports Strong Assays from Greenland’s Tanbreez Fjord Deposit, Eyes Doubling Resource

    Critical Metals Reports Strong Assays from Greenland’s Tanbreez Fjord Deposit, Eyes Doubling Resource

    Critical Metals Corp. (Nasdaq: CRML) has released promising assay results from historical deep diamond drilling at its Fjord deposit in southern Greenland, part of the company’s massive Tanbreez rare earth project — one of the largest untapped heavy rare earth element (HREE) resources outside China.

    The Fjord deposit sits within a vast kakortokite host unit stretching 5 km by 2.5 km, hundreds of metres thick and estimated at 4.7 billion tonnes. The newly analyzed core, drilled in 2007 and 2013, extended below the current mineral resource estimate (MRE) and confirmed consistent mineralization at depth, with total rare earth oxide (TREO) grades ranging from 0.33% to 0.51%, and a weighted average of 0.43% TREOs, containing 28% HREEs.

    Earlier this year, Critical Metals released a technical report compliant with Regulation S-K 1300 and a preliminary economic assessment estimating a $3.04 billion NPV and a staggering 180% internal rate of return for the Tanbreez project.

    CEO Tony Sage called the new results “exceptional,” noting that they suggest potential to double the company’s current resource estimate from 225 million tonnes to an exploration target of 500 million tonnes. The deeper drill holes confirm that the high-grade mineralization continues well below sea level, enhancing the project’s long-term development prospects.

    The company plans to follow up with infill and extension drilling across the Fjord and Hill Zone deposits in 2025 and has applied for approval from Greenland’s MSLA to initiate the next phase of drilling. Field crews are already preparing the site.

    Critical Metals’ stock rose 5.8% on the news, bringing its market capitalization to $143 million.