A Western mining company now controls 92.5% of a Greenland rare earth deposit that outclasses anything China or the US currently operates. Washington helped engineer the deal. Now it may fund it too.<\/p>\n
Critical Metals Corp (Nasdaq: CRML) holds a 92.5% stake in Tanbreez Mining Greenland A\/S after closing the final tranche of its acquisition on April 30\u2014 securing majority control of the deposit itself. The Greenland government approval announced May 5, which drew the most attention this week, covers a separate but related deal, a 70% stake in 60\u00b0 North Greenland ApS, a local construction and logistics company that holds land near Tanbreez and will support the mine\u2019s development.<\/p>\n
The US just secured control of one of the largest heavy rare earth deposits on earth outside China.<\/p>\n
It’s in Greenland. <\/p>\n
American mining company Critical Metals Corp has received formal approval from the Greenland government to acquire 70% of the Tanbreez deposit in southern\u2026 pic.twitter.com\/rfUCa1LdyT<\/a><\/p>\n \u2014 Jack Prandelli (@jackprandelli) May 7, 2026<\/a><\/p>\n The Tanbreez deposit sits within approximately 4.7 billion tonnes of kakortokite host rock in southern Greenland and carries a certified mineral resource of 45 million tonnes at 0.4% total rare earth oxides \u2014 approximately 27% of which are heavy rare earth elements.<\/p>\n Heavy rare earths \u2014 dysprosium, terbium, yttrium, and others \u2014 go into EV motors, wind turbine generators, and advanced military systems, including radar, missile guidance, and hypersonic weapons. China controls more than 90% of global refining capacity. Both Mountain Pass in California and Bayan Obo in Inner Mongolia \u2014 the primary US and Chinese rare earth operations \u2014 are dominated by light rare earth elements, with heavy rare earth content in the low single-digit percentages. Tanbreez\u2019s 27% proportion represents a fundamentally different class of deposit.<\/p>\n The deposit carries exceptionally low uranium and thorium content \u2014 10 to 20 parts per million uranium and under 100 parts per million thorium \u2014 removing one of the most significant processing complications that has slowed other rare earth projects. Year-round, ice-free deep water fjord access allows direct shipping to North America or Europe without transiting any maritime choke point.<\/p>\n Reuters reported in January 2025<\/a> that US officials visited the Tanbreez site twice the previous year, repeatedly warning its then-owner not to sell to a Chinese-linked buyer. Gregory Barnes ultimately accepted $5 million in cash and $211 million in Critical Metals stock<\/a> \u2014 significantly less than Chinese firms had offered. \u201cThere was a lot of pressure not to sell to China,\u201d Critical Metals CEO Tony Sage told Reuters.<\/p>\n Flashback: US weighs Critical Metals stake for Greenland; shares soar 80%<\/a>\u00a0<\/p>\n Cantor Fitzgerald, the brokerage firm formerly led by Howard Lutnick before his confirmation as US Commerce Secretary in February, is among Critical Metals\u2019 largest investors. Lutnick transferred control of Cantor to his sons upon joining the cabinet. Sage told Reuters he has never met or spoken with Lutnick, though he acknowledged the investment was a positive for the company.<\/p>\n The US Export-Import Bank \u2014 a federal agency whose board is appointed by the executive branch \u2014 is considering a $120 million loan<\/a> to Critical Metals to advance Tanbreez to initial production.\u00a0<\/p>\n