Greenland’s government approved the mining and closure plans for Critical Metals’ Tanbreez project, the approvals valid through 2050 and covering 19 elements including the heavy rare earths terbium, dysprosium and yttrium plus neodymium and praseodymium. Activity-specific permits and financial security still gate construction; first ore is targeted for the fourth quarter of 2028 or first quarter of 2029. The exploitation licence requires financial security by the end of 2026.
The approval follows September’s US-Denmark-Greenland security agreement citing minerals cooperation, and Greenland is positioning itself as the Western heavy-rare-earth option alongside US EXIM support, which has issued a $120 million letter of interest. Critical Metals shares rose 4.4 percent Monday to $7.34, a $1.08 billion market cap.
The timing is strategic. The US-China rare-earth export-control truce expires November 10, and expiry could re-tighten heavy rare earth supply. European Lithium shareholders vote October 22 on the $835 million all-stock merger with Critical Metals that would consolidate Tanbreez ownership.