Critical Metals Signs MoU to Set Up Rare Earth Processing Facility in Saudi Arabia; Shares Jump Premarket

MT Newswires Live01-22

Critical Metals (CRML) said late Wednesday it has entered into a memorandum of understanding with a Saudi Arabian firm to develop, own and operate a processing plant and refining facility for rare earth resources extracted from the Tanbreez Green Rare Earth Mine.

Shares of Critical Metals jumped more than 5% in Thursday's premarket activity.

Critical Metals entered into four non-binding term sheets for the offtake from Tanbreez, a project in which the company currently owns a 42% equity interest.

The company will work with Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company to establish one or more joint ventures, according to a regulatory filing. The refining facility will be located in Saudi Arabia.

Price: 16.05, Change: +0.78, Percent Change: +5.11

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