Greenland government approves Tanbreez rare earth mine plan

Critical Metals (Nasdaq: CRML) has won Greenland government approval for the mining and closure plans at its Tanbreez rare earths project, clearing a major hurdle towards construction.

Critical Metals (Nasdaq: CRML) has won Greenland government approval for the mining and closure plans at its Tanbreez rare earths project, clearing a major hurdle towards construction.

Tanbreez, in southern Greenland, ranks among the larger undeveloped heavy rare earth projects outside China.

It has an after-tax net present value of $2.1 billion at a 15% discount rate, according to a preliminary economic assessment (PEA) issued in March 2025.

The study estimated initial capital costs at $290 million.

“Approval of the mining and closure plans is a defining milestone for Tanbreez and for Critical Metals Corp.,” Chairman and CEO Tony Sage said in a release on Monday.

“It gives us a clear framework through 2050 to responsibly develop one of the world’s largest heavy rare earth deposits, in partnership with the Government of Greenland and the communities of South Greenland.” The approval comes as the U.S.

and its allies step up efforts to develop critical mineral supply chains outside China.

Greenland’s strategic role was highlighted again in September when the U.S., Denmark and Greenland signed a new security agreement that cited existing cooperation on minerals, economic development and investment.

Shares in Critical Metals gained 4.4% on Monday morning in New York to $7.34 apiece, valuing the company at $1.08 billion.

They’ve traded in a 52-week range of $5.12 to $32.15.

29, the mining and closure plans set out how the mine, processing plants, port and supporting infrastructure are to be built, operated and eventually closed and rehabilitated through September 2050.

They don’t yet allow Critical Metals to begin construction of the mine.