HOUSTON, March 10 (Argus) - Critical Metals, a key US mineral extractor, announced today a $30 million plan to rapidly develop the Tanbreez heavy rare earth project in Greenland.
This fund will facilitate drilling, infrastructure, engineering design and metallurgical planning, with the goal of starting the first batch of ore production in the fourth quarter of 2028 or the first quarter of 2029, and commencing rare earth concentrate exports in the third quarter of 2029.
Critical Metals is negotiating with supply chain partners such as Realloys and Ucore in the US, as well as other companies in Europe and Saudi Arabia, regarding purchase and refining matters.
The company has received a $120 million funding commitment from the US Export-Import Bank.
The company stated that in the Tanbreez project approved in Greenland, one ore deposit has a rare earth content accounting for approximately 27% of the total rare earth oxides.
