Critical Metals approves $30 million for Greenland rare earth project development
March 10 (Reuters) - Critical Metals CRML.O said on Tuesday its board approved a $30 million acceleration program for the development of the Tanbreez heavy rare earth project in Greenland.
The push comes as the United States ramps up efforts to build domestic rare earth and critical minerals supply chains amid concerns over reliance on China for these materials used in electronics, defense and clean energy technologies.
The program for one of the world's largest known rare earth deposits will advance drilling, infrastructure, engineering design and metallurgical programs.
It expects first ore production in fourth quarter of 2028 or first quarter of 2029, with concentrate export beginning by third quarter of 2029.
Last year, Reuters reported Trump administration officials had discussed the possibility of taking a stake in the company.
