Nasdaq-listed US company Critical Metals has won approval from the Greenland government for its development plan for the Tanbreez deposit. This clears the way for commercial mining at one of the world’s largest undeveloped sources of heavy rare earth metals outside China. The project is valued at a minimum of $2.1 billion in after-tax net present value.
Tanbreez’s reserves in southern Greenland are estimated at roughly 45 million tonnes of ore. About 27% of it consists of heavy rare earth oxides. Beyond these, the deposit contains gallium, zirconium, tantalum, and niobium — raw materials critical for electronics, defense, and high technology.
According to the preliminary economic assessment published in March 2025, after-tax net present value is at least $2.1 billion. Initial capital costs are estimated at $290 million.
The company has begun infrastructure work. In June, it reported laying the foundation for a pilot plant building and associated infrastructure. A 10,000-meter drilling program also started then, and a former cruise ship was purchased to house personnel. The start date for construction of the mine itself has not yet been announced.
The approval coincided with stepped-up efforts by the US and its allies to build critical minerals supply chains that bypass China. Greenland’s strategic role came back into focus in September, when the US, Denmark, and the island signed a new security agreement.
The mining permit is a key milestone for Tanbreez and for Critical Metals itself. If the project reaches commercial scale, it could become a notable source of heavy rare earth metals for Western manufacturers, reducing their dependence on Asian suppliers.
Source: www.wnp.pl/
Image: Critical Metals Corp.
