European Lithium (ASX:EUR) said Critical Metals executed the term sheet for the formation of a 50/50 joint venture with Romania-based Fabrica de Prelucrare a Concentratelor de Uraniu, according to a Wednesday filing with the Australian bourse.
The term sheet grants Critical Metals long-term offtake rights for 50% of the Tanbreez concentrate production in Greenland and outlines the development, financing, and commissioning of a European rare earth processing facility in Romania, a separate statement said.
European Lithium holds a majority stake in Critical Metals.
Shares fell 3% in morning trade on Wednesday.
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