(Bloomberg) -- Critical Metals Corp. (CRML) shares rose 6% after the company announced it received formal approval from the Government of Greenland for its acquisition of a 70% stake in 60° North Greenland ApS. The deal is a significant step in the development of the Tanbreez Project, one of the world’s largest rare earth deposits.
"Receiving approval from the Greenland authorities marks an important step toward completing our acquisition of 60° North," Tony Sage, Chairman and CEO of Critical Metals Corp., said in a statement. "This outcome reflects our commitment to responsible development in Greenland and to building a secure, western-aligned supply chain for critical minerals."
The approval, granted by Greenland's Ministry responsible for land and infrastructure, satisfies a key closing condition for the transaction, which was initially announced on March 23, 2026. The acquisition of 60° North, a Greenland-based provider of construction, logistics, and drilling services, is expected to enhance Critical Metals' operational capabilities in the region and accelerate the development of the Tanbreez project. The company expects to finalize the acquisition in the near term.
The Tanbreez project is located in Southern Greenland and is expected to have year-round direct shipping access through deep-water fjords to the North Atlantic Ocean. This project is a cornerstone of Critical Metals Corp.'s strategy to become a reliable supplier of critical minerals for Europe and its Western partners. The company is also developing the Wolfsberg Lithium Project in Austria, further positioning itself as a key player in the geostrategic critical metals portfolio. The push to develop new sources of rare earths comes as Greenland faces record ice melt, a stark reminder of the environmental sensitivities in the region.
This article is for informational purposes only and does not constitute investment advice.
