Critical Metals Corp. (Nasdaq: CRML) has signed an agreement to acquire a controlling interest in the Tanbreez project in Greenland, the largest rare earth deposit in the world.
Tanbreez hosts 28.2 million tonnes of total rare earth oxides (TREO) in 4.7 billion tonnes of material, according to internal company estimates. The asset is expected to contain more than 27% heavy rare earth elements (HREE) and Critical Metals says efforts to convert the internal resource to U.S. SEC standards are being made.
Once operational, the mine is anticipated to supply rare earth elements to Europe and North America. The project is expected to have access to key transportation outlets as the Tanbreez area features year-round direct shipping access through deep-water fjords that lead directly to the North Atlantic ocean. The outcropping orebody, known as Kakortokite, covers an area of 8 km by 5 km and is about 400 metres thick.
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