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Critical Metals Soars on Greenland Rare Earths Deal
18 Apr
Summary
- Critical Metals stock surged 35% on Friday and 42% this week.
- The company now owns 92.5% of a significant rare-earths mine.
- The Tanbreez mine aims to reduce China's dominance in rare earths.
Critical Metals saw its stock price jump approximately 35% on Friday, marking its best single-day performance since October. The company also achieved a 42% increase for the week, its largest weekly gain since January of last year. This surge is attributed to Critical Metals growing its controlling stake in a southern Greenland rare-earths project.
The Greenland government has approved the transfer of stock, granting Critical Metals 92.5% ownership of the Tanbreez rare-earths mine. This open-pit mine is recognized for holding one of the largest rare-earth deposits located outside of China. This strategic acquisition could potentially provide the United States with greater influence over the supply chains for essential technological materials.
