Critical Metals reviews assets to accelerate Greenland rare earth project

Critical Metals Corp. has launched a strategic review that could lead it to sell, spin off, or partner non-core assets to accelerate development of its flagship Tanbreez rare earth project in Greenland.

In a regulatory filing dated July 8, the New York-listed company said it has appointed financial advisers Clear Street and law firm White & Case to evaluate options across its portfolio. These alternatives may include asset sales, joint ventures, strategic partnerships, alliances, or other forms of business separation.

The company said the review is designed to redirect capital and resources toward Tanbreez, which Critical Metals describes as one of the world's largest undeveloped rare earth deposits.

Critical Metals cautioned that there is no guarantee the process will result in a transaction.

"Tanbreez is our clearest path to creating durable, long-term shareholder value," said Tony Sage, chairman of Critical Metals.

"By sharpening our focus on Tanbreez and pursuing value-maximizing outcomes for our non-core holdings, we intend to position Critical Metals Corp. as a premier pure-play Western source of heavy rare earths and other critical minerals essential to defense, energy, and advanced technology supply chains," Sage added.

The Tanbreez project is expected to begin production with an initial capacity of 85,000 metric tons/year of rare earth oxides, with the potential to expand to 425,000 mt/year. The mine's operational life is estimated at 25 years.

Critical Metals is targeting first ore production in the fourth quarter of 2028 or the first quarter of 2029, with concentrate exports expected to start in the third quarter of 2029.

Critical Metals announcement comes as Western countries seek to reduce reliance on China for rare-earth supply chains. Developed economies continue to depend heavily on China for rare earths, with the International Energy Agency estimating that China accounted for 61% of global mined supply and 91% of global refining and processing capacity for major rare earths in 2024. China also dominates processing for other critical minerals, including lithium, copper, cobalt and graphite.

Platts, part of S&P Global Energy, assessed neodymium-praseodymium oxide at $120/kg CIF North America on June 30, unchanged from the previous month.