Mining development company Critical Metals Corporation has signed a binding agreement to acquire a controlling interest in the Tanbreez Greenland Rare Earth Mine.

According to a press release, the Tanbreez Project is one of the largest rare earth deposits in the world and provides a fundamental permitted asset for rare earths in North America and Europe.

Once operational, the project is expected to supply rare earth metals (REEs), a range of metallic elements, to customers in the Western Hemisphere to support the production of a wide range of next-generation commercial products, as well as meet demand of the defense sector. industry.

“Tanbreez is a game-changing rare earth mine for the West, and is an important step toward positioning Critical Metals Corp. as the leading supplier of critical minerals with a diversified, multi-asset portfolio spanning multiple geographies,” said Critical Metals Corporation CEO and Chairman, Tony Sage.

With China dominating more than 90 percent of REEs, the mine’s acquisition by Critical Metals Corp. strategically become a reliable supplier of crucial minerals to the Western world, the press release said.