Home / Business and Economy / Greenland Rare Earth Project Gets $30M Boost
Greenland Rare Earth Project Gets $30M Boost
10 Mar
Summary
- Critical Metals board approved a $30 million acceleration program.
- Tanbreez project in Greenland is a significant rare earth deposit.
- First ore production is anticipated in late 2028 or early 2029.
The board of Critical Metals has approved a $30 million acceleration program for the development of the Tanbreez heavy rare earth project located in Greenland. This strategic investment is part of broader efforts to strengthen domestic rare earth and critical minerals supply chains, reducing reliance on China.
The Tanbreez project, recognized as one of the world's largest known rare earth deposits, will see advancements in drilling, infrastructure, engineering design, and metallurgical programs. Critical Metals anticipates commencing first ore production by the fourth quarter of 2028 or the first quarter of 2029.
Further development plans include initiating concentrate exports by the third quarter of 2029. This move aligns with increasing global demand for critical materials essential for advanced technologies in sectors such as electronics, defense, and clean energy.
