Company Interview / Critical Metals bets on Greenland for rare earths windfall

Key Points:

Tanbreez project in Greenland positioned to supply heavy rare earths to the West Company secures major offtake agreements with EU, US, and Saudi buyers Logistics at Tanbreez considered highly favourable due to deep-water access Funding in place for development, with additional capacity through loan facilities

Tony Sage from Critical Metals highlights a significant push into the rare earths market, with a $30 million acceleration programme set to fast-track the development of the company's Tanbreez project in Greenland. Sage states that this site, recognised as one of the world’s largest deposits of heavy rare earth elements, has the potential to fill substantial gaps in Western supply chains, given that China currently controls approximately 97% of the global market. Notable companies currently supplying rare earths, such as Lynas (ASX:LYC) and MP Materials (NYSE:MP), do not have the capacity to meet Western demand alone.

According to Sage, the Tanbreez project benefits from strategic logistics—the deposit’s close proximity to deep-water fjords enables Panamax-class shipping capabilities. Although Greenland is traditionally unfamiliar with mining operations, Sage views the project's southern location as advantageous due to its milder climate and better access compared to much of the region. The company intends to begin full-scale construction within the next year, aimed at initiating production by 2029.

Sage also details offtake agreements, revealing that 50% of output is secured by the EU via the Romanian government, 25% by US plants, and the remaining 25% by Saudi Arabia. Sage reports the company is well funded for current development, with a substantial loan facility to support ongoing construction.