Critical Metals Corp. ( CRML ) , a mining development company specializing in critical metals and minerals, has announced a binding heads of agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine from Rimbal Pty Ltd., controlled by geologist Gregory Barnes.

The acquisition aims to enhance the supply of rare earth elements (REEs) essential for electrification and next-generation technologies in Europe and the western world. The transaction valued at up to $211 million.

The Tanbreez Project is a significant asset with a permit granted by the Greenland Government in 2020. Positioned to deliver a sustainable, long-term supply of REEs to North America and Europe, Tanbreez stands out with its high concentration of heavy rare earth elements (HREEs), which are more valuable than light rare earth elements.

Once operational, the project will support various commercial and defense applications. It is strategically located in Southern Greenland, offering year-round direct shipping access via deep water fjords.

The project’s ore body, Kakortokite, covers an extensive area and is environmentally friendly with minimal harmful by-products.

This foundational asset is poised to benefit from regulatory support in Europe and North America, reducing dependence on foreign imports, particularly from China, which dominates the global rare earth market.

“Tanbreez is a game-changing rare earth mine for the West, and is a key step towards positioning Critical Metals Corp ( CRML ) as the preeminent critical minerals supplier with a diversified, multi-asset portfolio that spans multiple geographies,” said Tony Sage, CEO and Chairman of Critical Metals Corp. ( CRML )

“With Tanbreez expected to be under the Critical Metals Corp ( CRML ) banner, we will have the ability to further support our commercial network in Europe while simultaneously being able to evaluate additional opportunities to tap into the upside potential of the North American market.”

Price Action: CRML shares closed lower by 5.43% at $10.28 on Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.