May 21 (Reuters) – Critical Metals said on Thursday it has signed a 15-year binding offtake \u200cagreement with REalloys for rare earth concentrate \u200cfrom its Tanbreez project in Greenland.<\/p>\n
Under the agreement, REalloys will buy \u200b15% of annual rare earth concentrate production from the project, which is one of the world’s largest known heavy rare earth deposits.<\/p>\n
Shares of Critical Metals were \u200cup 8% in premarket \u2060trading.<\/p>\n
\u2022 The agreement formalizes and expands on a non-binding deal signed by the \u2060companies last October.<\/p>\n
\u2022 It also follows Greenland’s approval in April for Critical Metals to increase its ownership \u200bin the \u200bproject to 92.5%.<\/p>\n
\u2022 Critical \u200bMetals said the deal \u200cstrengthens the commercial outlook for the Tanbreez project as it moves toward production.<\/p>\n
\u2022 REalloys will receive priority rights to concentrate containing higher levels of the critical heavy rare earth elements, dysprosium and terbium, along \u200cwith a right of first \u200brefusal over additional volumes.<\/p>\n
\u2022 Deliveries \u200bwill be made from \u200bthe Tanbreez port in southern Greenland, \u200cwith pricing linked to international \u200brare earth \u200boxide benchmarks.<\/p>\n
\u2022 United States and its allies have stepped up efforts to secure supplies of critical \u200bminerals outside China, \u200cwhich dominates much of the global rare \u200bearth processing industry.<\/p>\n
(Reporting by Arunima Kumar in Bengaluru; \u200bEditing by Joyjeet Das)<\/p>\n","protected":false},"excerpt":{"rendered":"May 21 (Reuters) – Critical Metals said on Thursday it has signed a 15-year binding offtake \u200cagreement with…\n","protected":false},"author":2,"featured_media":96964,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5],"tags":[63,57,64],"class_list":["post-96963","post","type-post","status-publish","format-standard","has-post-thumbnail","category-greenland","tag-critical-metals","tag-greenland","tag-rare-earth"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@dk\/116675916990532161","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/96963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/comments?post=96963"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/96963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media\/96964"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media?parent=96963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/categories?post=96963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/tags?post=96963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}