Critical Metals Funds Tanbreez Rare Earth Project for 2029 Production - News and Statistics

Mar 10, 2026

Mining.com reports that Critical Metals has authorized a $30 million program to speed up development at its Tanbreez heavy rare earth project in Greenland. The company’s shares increased by 4.6% following the news.

The funding is intended to progress drilling, infrastructure, engineering design, and metallurgical work required to advance the project. This initiative coincides with efforts by the United States and allied nations to establish secure supply chains for critical minerals, which are used in various technologies, amid existing dependencies on a single major supplier.

According to the company’s chief executive, the board’s decision represents a significant move following approximately 18 months of exploration, partnership development, and infrastructure planning. The subsequent phase will concentrate on accelerating the timeline to production as demand grows from Western governments for new sources of heavy rare earth elements.

Earlier preparatory steps include the approval to build a multi-use storage and pilot facility, as well as the acquisition of a mobile assay laboratory for on-site geochemical analysis. This laboratory is expected to support a proof-of-concept pilot plant.

Initial ore production is anticipated to commence in late 2028 or early 2029, with concentrate exports starting later in 2029. The company has already secured offtake agreements for an estimated 75% of the project’s expected rare earth concentrates. Officials from the current administration of the President of the United States reportedly contacted the company last year regarding a potential stake.

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