Nasdaq-listed Critical Metals has signed a binding heads of agreement to acquire a controlling interest in the Tanbreez rare earth mine, in Greenland, from a company controlled by geologist Gregory Barnes.

The Tanbreez project is a permitted critical minerals asset positioned to unlock a long-term rare earth supply for North America and Europe.

Once operational, Tanbreez is expected to supply rare earth elements (REEs) to customers in the western hemisphere to support the production of a wide range of next-generation commercial products, as well as demand from the defence industry.

The Tanbreez project is expected to possess greater than 27% heavy rare earth elements (HREEs), which carry a higher value than light rare earth elements (LREEs). In an industry where competitors primarily target LREEs, Tanbreez is believed to be unique not only owing to its significant size, but also because of its HREE asset mix.

“Tanbreez is a game-changing rare earth mine for the West, and is a key step towards positioning Critical Metals as the preeminent critical minerals supplier with a diversified, multi-asset portfolio that spans multiple geographies,” said CEO and chairperson Tony Sage.

“With Tanbreez expected to be under the Critical Metals banner, we will have the ability to further support our commercial network in Europe while simultaneously being able to evaluate additional opportunities to tap into the upside potential of the North American market,” he added.

The Tanbreez project is expected to have access to key transportation outlets as the project’s area features year-round direct shipping access through deep-water fjords that lead directly to the North Atlantic ocean. The outcropping orebody, known as Kakortokite, covers an area of 8 km by 5 km and is about 400 m thick.

Critical Metals’ initial flagship asset is the Wolfsberg lithium project located in Austria.