Critical Metals has received an extension for the exploitation license of the Tanbreez Rare Earth Mine in Southern Greenland from the Greenland Cabinet of Ministers.
The Greenland Government extended certain deadlines under the exploitation licence of the project to 2028.
Under the new amendment, Tanbreez Mining Greenland, the mine’s holding company, must submit exploitation and closure plans by the end of 2025. Tanbreez Mining Greenland should also provide financial security and a company guarantee by 30 June 2026, and commence mineral exploitation by the end of 2028.
The Greenland government had originally granted the Tanbreez Project an exploitation licence in 2020, allowing mining activities to proceed.
Critical Metals CEO and chairman Tony Sage said: “The Critical Metals Corp team continues to work closely with Greenland officials and the local community as we advance our plans for this foundational rare earth asset.
“The extension of our exclusive Exploitation License from the Greenland government is a significant milestone, demonstrating strong local support for our project, which is expected to create numerous local jobs. We also successfully completed our diamond drilling programme on schedule, ahead of the winter months, and eagerly anticipate the insights from the upcoming sample analysis.”
Critical Metals said that following the completion of the drilling programme, all rare earth material extracted has been secured in storage. A portion of the extracted material has been sent for analysis at ALS laboratory in Ireland.
The company expects to receive the test results in the coming months.
In June 2024, Critical Metals signed an agreement to acquire a controlling stake in the Tanbreez rare earth mine in Greenland from Rimbal, valued at up to $211m.
The Tanbreez project is estimated to contain over 27% heavy rare earth elements (HREE), which are valued higher than light rare earth elements. It holds an estimated resource of 4.7 billion tonnes, including multiple elements, with the conversion of S-K 1300 ongoing.
The permitted minerals asset is intended to supply rare earth elements (REEs) to customers in the western hemisphere once operations begin.
