Critical Metals Corp. announced an extension for the exploitation license of its Tanbreez project in Greenland, which is recognized as the world’s largest rare earth deposit. The company now has until the end of 2025 to submit exploitation and closure plans, with financial security and company guarantees due by June 30, 2026. Mining is expected to begin by the end of 2028.
Chairman and CEO Tony Sage emphasized the local support for the project, highlighting its potential to create jobs. Following a recent drilling program, all extracted rare earth material is secured for analysis at ALS laboratory in Ireland, with results anticipated soon.
The Tanbreez project, located in Southern Greenland, is projected to contain over 27% heavy rare earth elements (HREE), which are more valuable than their light counterparts. The mine will provide crucial rare earth elements to Europe and North America, benefiting from year-round shipping access via deep-water fjords.
In addition to the Tanbreez project, Critical Metals owns Europe’s first fully permitted lithium mine in Austria, with plans to supply BMW by 2027 and a deal to build a lithium hydroxide plant in Saudi Arabia. Following this news, shares in Critical Metals rose over 2.8%, reflecting a market capitalization of $536.6 million.
