Critical Metals Corp. (Nasdaq: CRML) has announced an agreement to acquire a controlling interest in the Tanbreez project in Greenland, home to the largest rare earth deposit in the world. The Tanbreez deposit hosts 28.2 million tonnes of total rare earth oxides (TREO) within 4.7 billion tonnes of material, according to internal company estimates. Notably, the asset contains over 27% heavy rare earth elements (HREE), and Critical Metals is working to convert these internal estimates to U.S. SEC standards.
Once operational, the mine is expected to supply rare earth elements to Europe and North America. The Tanbreez areaboasts year-round direct shipping access through deep-water fjords leading to the North Atlantic Ocean, providing key transportation outlets. The outcropping orebody, known as Kakortokite, spans 8 km by 5 km and is approximately 400 metres thick.
Critical Metals acquired the project from Rimbal Pty. Ltd., controlled by geologist Gregory Barnes. CEO Tony Sagedescribed Tanbreez as a “game-changing rare earth mine for the West,” positioning Critical Metals Corp. as a leading supplier of critical minerals with a diversified portfolio spanning multiple geographies.
In addition to the Tanbreez acquisition, Critical Metals owns Europe’s first fully permitted lithium mine, the Wolfsberg lithium project in Austria, which debuted on the Nasdaq in March. Upon completing construction at Wolfsberg by 2026, the company has committed to supplying BMW by 2027. Critical Metals has also secured a deal with Obeikan Investment Group to build a lithium hydroxide plant in Saudi Arabia.
Shares of Critical Metals rose 4.6% by 12:00 p.m. EDT, with the company’s market capitalization reaching $877 million.
