2025-06-17
According to Reuters, the U.S. Export-Import Bank (EXIM) said that Critical Metals Corp. has met the initial requirements for a $120 million loan with a term of 15 years to finance the company’s Tanbreez rare earth project in southern Greenland. The funds (nearly half of the estimated $290 million cost of the project) will be used for technical work to achieve first production in 2026.
The project is located in the Qakortokit mineralized unit with a reserve of 4.7 billion tons, which is largely unexplored and one of the largest rare earth deposits in the world. Once the mine is put into operation, the annual production is expected to be 85,000 tons initially, and then increased to 425,000 tons through modular expansion. Its mining license is valid until 2050.
The production forecast is based on an estimated resource of 45 million tons, which accounts for only 1% of the surrounding rock. The company estimates that the Tamblitz mine has the highest content of heavy rare earth elements (dysprosium, terbium and yttrium) in the world, exceeding 27%.
The EU has selected 47 strategic projects to ensure access to critical minerals
The EU recently published its first list of strategic projects aimed at strengthening local mining, processing and recycling of 14 of the 17 materials that are critical to its energy transition and security.
March 26, 2025
