Critical Metals expects to close Greenland supply deals in Q1 2026, CEO says

By Arunima Kumar

Dec 31 (Reuters) - Critical Metals CRML.O expects to finalise the remaining 25% of offtake agreements for its Tanbreez rare earths project in Greenland by early 2026 and will be open to an investment from Washington, its top boss told Reuters.

CEO Tony Sage said interest from the Middle East, including potential processing partners in Saudi Arabia, Qatar, Bahrain, Oman and the UAE, reflects efforts by energy-rich states to build rare earths processing capacity, supported by lower power costs and faster permitting than in the U.S. and Europe.

The company has already pre-sold 75% of planned output, split between the U.S. and Europe, and aims to keep supply diversified to limit geopolitical risk, Sage said.

The Trump administration has intensified efforts to secure U.S. supply chains for critical minerals, including shifting some federal support from grants to direct equity stakes, as Washington seeks to reduce reliance on market leader China.

Trump said last week that the U.S. needs Greenland for its national security and that a special envoy he had appointed to the island would "lead the charge."

Trump administration officials have discussed taking a stake in Critical Metals, four people familiar with the matter told Reuters in October.

"Would welcome it, even though we didn't ask for it. We asked for a grant under the Defence Production Act," Sage said. Reuters reported that the Trump administration had considered converting that grant, should it be awarded, into equity.

The White House did not respond to a request for comment.

Critical Metals plans to begin mining in 2027, with first production targeted for mid-2028, Sage said.

Capital costs are expected to total about $500 million in Greenland, while downstream processing facilities are likely to cost more than $1 billion.

Separately, Sage said the company's Austrian lithium project remains on hold until prices for the battery metal recover.