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Critical Metals Corp. to Acquire Tanbreez, One of the World’s Largest Known Rare Earths Assets
Critical Metals Corp. has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine, one of the largest
About this update from Critical Metals Corp.
[{"type":"text","content":"Critical Metals Corp. has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine, one of the largest rare earth deposits in the world The Tanbreez Project offers a foundational permitted rare earth asset in North America and Europe With China dominating more than 90% of the REEs, Critical Metals Corp. acquisition of the mine strategically would establish it as a reliable supplier of critical minerals for the western world First significant transaction for Critical Metals Corp. in its strategic M&A roadmap, reflecting another world class addition to its portfolio of assets Transaction valued at up to $211 million NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp”), a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine (the “Tanbreez Project”) from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (“Rimbal”). The Tanbreez Project is a permitted, globally significant critical minerals asset positioned to unlock a sustainable, reliable and long-term rare earth supply for North America and Europe. Once operational, Tanbreez is expected to supply rare earth elements (REEs) to customers in the western hemisphere to support the production of a wide range of next-generation commercial products, as well as demand from the defense industry. The Tanbreez Project is expected to possess greater than 27% heavy rare earth elements (HREE), which carry a much higher value than light rare earth elements. In an industry where competitors primarily target light rare earth elements (LREE), Tanbreez is believed to be unique not only due to its significant size, but also because of its HREE asset mix. “Tanbreez is a game-changing rare earth mine for the West, and is a key step towards positioning Critical Metals Corp as the preeminent critical minerals supplier with a diversified, multi-asset portfolio that spans multiple geographies,” said Critical Metals Corp CEO and Chairman, Tony Sage. “With Tanbreez expected to be under the Cr...