Critical Metals has increased its share in the Tanbreez rare earth deposit located in Greenland, strengthening its control over a resource intended to support supply chains aligned with the United States, Bloomberg reported.
The company now holds a 92.5% stake in the venture after purchasing the remaining 50.5% interest from Rimbal Pty Ltd.
Critical Metals shares jumped 26.9% in premarket trading. Its peers also rose. USA Rare Earth rose 6%; American Resources rose 5%; NioCorp Developments rose 4%; The Metals Company, United States Antimony, Energy Fuels, Ramaco Resources, Trilogy Metals, and MP Materials Corp. rose 3%.
This acquisition grants Critical Metals dominant control of the deposit, which contains rare earth elements such as terbium and dysprosium, essential for consumer electronics and defense technologies. The company opted not to provide a statement regarding the transaction.
The agreement occurs as the United States and its partners aim to ensure access to vital minerals and decrease dependence on China, the leading global processor of rare earths. Greenland is increasingly viewed as a significant source for these materials, although development projects there encounter challenges related to complex regulatory approvals and high operational expenses.
