Critical Metals Secures License Extension for Tanbreez Rare Earth Mine in Greenland

Critical Metals has successfully obtained an extension for the exploitation license of its Tanbreez Rare Earth Mine in Southern Greenland from the Greenland Cabinet of Ministers. This extension pushes project development deadlines to 2028, allowing the company crucial time to advance its operations.

New Requirements and Strong Local Support
The revised license mandates that Tanbreez Mining Greenland, the mine’s holding company, submit its exploitation and closure plans by the end of 2025, alongside providing financial security and a guarantee by June 30, 2026. Mining operations are expected to commence by the end of 2028. CEO Tony Sage highlighted the collaborative efforts with local officials and communities, noting that this license extension demonstrates strong local backing for the project, which is anticipated to create numerous jobs.

Resource Potential and Future Plans
The project is estimated to contain over 27% heavy rare earth elements (HREE), valued higher than light rare earth elements, with a total resource estimated at 4.7 billion tonnes. Following the completion of a diamond drilling program, all extracted rare earth material has been secured for analysis, with some sent to ALS laboratory in Ireland for testing. In June 2024, Critical Metals signed an agreement to acquire a controlling stake in the Tanbreez mine from Rimbal, valued at up to $211 million. The mine is poised to supply rare earth elements (REEs) to customers in the western hemisphere once operations commence.

Strategic Positioning for Future Success
The extension of the Tanbreez Rare Earth Mine’s exploitation license not only reflects strong governmental and local support but also positions Critical Metals for future success in the growing market for rare earth elements.