Critical Metals Corp Acquires Stake in Greenland Mining Operations Firm
Critical Metals Corp. has agreed to acquire a majority stake in 60° North Greenland ApS, a Greenlandic company involved in construction, exploration, and logistics.
Critical Metals Corp. (Nasdaq: CRML) announced an agreement to acquire a majority shareholding in 60° North Greenland ApS, a Greenlandic firm engaged in construction, exploration, logistics, and project development.
The acquisition is set to bolster Critical Metals Corp.'s strategic footing in southern Greenland. The company already holds a controlling interest in the Tanbreez rare earth project, known as one of the world's largest deposits of its kind. The addition of 60° North Greenland ApS brings further exploration assets, operational capabilities, and local expertise to the company's growing portfolio.
As part of the transaction, 60° North Greenland ApS will collaborate with Tanbreez. This collaboration aims to support the development of necessary infrastructure and local operational capacity surrounding the Tanbreez project.
According to Critical Metals Corp. Chairman and CEO Tony Sage, the acquisition is a significant step towards building a robust, Western-aligned supply chain for critical minerals. He stated the move strengthens the company's position as a supplier of materials essential for defense applications and the clean energy transition.
The transaction is subject to customary closing conditions.