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Critical Metals considers asset sales to accelerate Greenland rare earth push

The rare earth project at Tanbreez, valued at about $3 billion in a preliminary economic assessment, targets first ore in late 2028 or early 2029.

Reported · Written up by our desk · Industrial Metals

Critical Metals is weighing ways to accelerate its flagship Tanbreez rare earth project in Greenland, including possible sale, spin-off, or partnership of non-core assets. Mining.com reports the company has launched a strategic review and said it has hired Clear Street as a financial adviser and White & Case LLP as legal adviser to evaluate options across its portfolio.

The review is designed to redirect capital and resources toward Tanbreez, which Critical Metals expects will supply high-demand rare earth elements across the Western Hemisphere. The company cautioned there is no guarantee the process will lead to a transaction, and said a streamlined portfolio could help it concentrate capital and execution on bringing the project into production.

Critical Metals said it became the sole owner of Tanbreez at Killavaat Alannguat in southern Greenland in April, and described the project as among the largest undeveloped heavy rare earth deposits outside China. Earlier this year, it released a preliminary economic assessment valuing the project at about $3 billion based on a 4.7-billion-tonne resource across two deposits.

For funding and production plans, the company said it has secured offtake agreements covering about 75% of expected future production and lined up up to $120 million in financing from the US Export-Import Bank. Critical Metals expects first ore production in the fourth quarter of 2028 or the first quarter of 2029 as it continues to expand what it views as an underexplored resource.

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