US$120mln for Greenland rare-earth project
Critical Metals secures US$120mln loan for its Tanbreez rare-earth project in Greenland.
The funding package is expected to enable the Tanbreez Project to complete pre-production activities and commence mining.
Critical Metals Corp. a critical minerals mining company, has received a Letter of Interest from the Export-Import Bank of the United States (EXIM), for a total non-dilutive funding package of US$120mln, with a repayment term of 15 years under EXIM’s new Supply Chain Resiliency Initiative (SCRI).
It is expected that the Tanbreez Project will require US$290mln in capital expenditure to bring it to initial commercial production.
The mining company expects the Tanbreez Project will be capable of producing up to 85,000t of rare-earth material annually.
Critical Metals Corp expects to complete a definitive feasibility study by the end of 2025.
