Latest news with #CriticalMetalsCorp
Yahoo
15-07-2025
- Business
- Yahoo
Critical Metals begins 2025 drilling program at Tanbreez project
- Mineral miner Critical Metals Corp (NASDAQ:CRML) has commenced a 2000-meter resource diamond drilling campaign at the Tanbreez project in Greenland, the world's biggest rare earth deposit by resource count. In a statement, Critical Metals said the development positions the mine for commercial production which is expected to begin next year. The drilling program will target a "significant" increase the size of the current mineral resource estimate, or an assessment of the quantity and quality of a mineral deposit that has reasonable prospects for economic extraction, the company said. "Launching our 2025 drilling campaign at Tanbreez is an important investment and step in our efforts to bring this game-changing rare earth asset into production as soon as possible to meet the growing demand in the United States and the West more broadly for rare earth material," CEO Tony Sage said. Teams are on site conducting fieldwork and collecting data that will play a key role in finalizing the bankable feasibility study -- a detailed analysis of a mining project that aims to give financial institutions information to make informed decisions about potential investments, Critical Metals said. Comprehensive reports are also required by regulators in Greenland, it noted, adding that the firm is on track to deliver these final reports by the fourth quarter of this year. Critical Metals -- the result of a merger between Australia's European Lithium and U.S.-based Sizzle Acquisition -- previously announced in 2024 a binding agreement to take a controlling interest in the Tanbreez Greenland Rare Earth Mine. At the time, Critical Metals, which aims to produce strategic products essential to electrification and next generation technologies, said the Tanbreez project would unlock a "sustainable, reliable and long-term rare earth supply for North America and Europe." So far this year, shares of Critical Metals have fallen by more than 54%. The stock sank sharply in February after Critical Metals announced that it would issue 4.5 million shares at a steep discount as part of a bid to raise $22.5 million through so-called private investment in public equity, or PIPE, financing. Related articles Critical Metals begins 2025 drilling program at Tanbreez project These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia Risks Rising? Smart Money Dodged 46%+ Drawdowns on These High-Flying Names Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South China Morning Post
08-07-2025
- Business
- South China Morning Post
China's rare earth dominance faces global pushback but Beijing has ‘strong hand': analysts
Beijing's recent export controls on rare earths have spurred a flurry of international efforts to diversify supply chains and reduce China's long-standing dominance in critical minerals. Advertisement In June, the Ministry of Commerce announced that it would approve qualified export applications and was open to discussions with other countries regarding the restrictions. But as rare earths emerge as a new front in the US-China rivalry, companies worldwide have announced plans for a string of projects designed to break dependence on Chinese supplies. On July 2, the Australia-listed St George Mining announced in an email that it had begun identifying enriched mineral zones at its fully-owned Araxá niobium-rare earth elements project in Brazil. Two weeks earlier, US companies Kaz Resources and Cove Kaz Capital issued a statement about their partnership with Kazakhstan's national geological company to explore and hold metallurgical tests at the Akbulak rare earth project. To fund a rare earth project in southern Greenland, the Nasdaq-listed Critical Metals Corp said in June that it had secured a loan of up to US$120 million from the US Export-Import Bank. Advertisement
New York Times
27-06-2025
- Business
- New York Times
Russia Seizes Key Lithium Field in Challenge for U.S.-Ukraine Minerals Deal
Russian forces have seized control of a valuable lithium deposit in the Donetsk region of eastern Ukraine, depriving the country of a critical asset that could have helped support a new economic partnership with the United States. The deposit, just outside the Shevchenko village in western Donetsk, was captured in recent days, according to battlefield maps from independent groups tracking Russian advances through geolocated combat footage. Moscow's troops seized it as part of their summer offensive, which has achieved steady gains across Donetsk. Though relatively small — it covers only 100 acres — the deposit was seen by industry analysts as one of Ukraine's most valuable because of its rich concentration of lithium, a mineral essential for manufacturing advanced technologies such as electric batteries. The United States has designated lithium as critical to its economy and national security. The Trump administration has aimed to tap into Ukraine's vast lithium reserves, some of Europe's largest, through a recently signed landmark agreement granting it front-row access to the country's mineral wealth. But the capture of the Shevchenko deposit highlights a core challenge to the deal: The more territory Russian forces seize in Ukraine, the fewer resources Kyiv can offer to Washington. 'If Russian troops go further, capture more and more territory, they will control more and more mineral deposits,' said Mykhailo Zhernov, director of Critical Metals Corp, an American company that used to hold a license to exploit the Shevchenko deposit. 'It's an issue for this deal.' Want all of The Times? Subscribe.
Yahoo
16-06-2025
- Business
- Yahoo
Critical Metals Corp Secures US$120,000,000 LOI for a 15-Year Term Loan From the US Federal Government Bank (EXIM Bank) for the Development of its Tanbreez Rare Earth Project in Greenland
Non-dilutive funding package expected to be sufficient to enable the Tanbreez Project to complete pre-production activities and commence mining NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) ('Critical Metals Corp' or the 'Company'), a leading critical minerals mining company, today announced that it has received a Letter of Interest from the Export-Import Bank of the United States (EXIM), for a total non-dilutive funding package of $120 million. This funding package from the U.S's official export credit agency is expected to be used to develop the Tanbreez Project, one of the world's largest rare earth deposits located in Greenland. Based on preliminary information submitted by Critical Metals Corp for the Tanbreez Project, EXIM will consider financing up to $120 million of the project's costs with a repayment term of 15 years under EXIM's new Supply Chain Resiliency Initiative (SCRI). The amount of funding is expected to be sufficient for Critical Metals Corp to complete necessary technical and economic studies, pre-production activities, and begin mining at the Tanbreez Project. The Company expects that the Tanbreez Project will require $290 million in capital expenditure to bring it to initial commercial production. In its initial commercial production phase, the Company expects that the Tanbreez Project will be capable of producing up to 85,000 metric tons of rare earth material annually. 'This is a tremendous milestone for Critical Metals Corp which highlights to the rare earths supply chain, Western Governments and investors that Tanbreez is a world-class asset that will provide mission-critical rare earth metals to counter China's continued dominance,' said Tony Sage, CEO and Chairman of Critical Metals Corp. 'The Company appreciates the support of EXIM Bank and the US Federal Government as well as our Greenland partners in this major achievement. We are now razor focused to put Tanbreez into production as soon as possible.' In addition to continuing to progress its verification, de-risk the asset, and prepare for additional pre-production activities, including additional drilling, Critical Metals Corp expects to complete a definitive feasibility study by the end of 2025, which is expected to include important data, such as volumes and timeline estimates. In addition, the Company expects to invest $10 million in exploration expenses in Tanbreez in 2025 to have the option to acquire an additional 50.5% of the asset, bringing its total ownership to 92.5%. The proposed funding package may be eligible for special consideration under Section 402 of EXIM's 2019 reauthorization, which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People's Republic of China and other covered countries and/or to advance the comparative leadership of the United States in Transformational Export Areas. The SCRI program is under The China and Transformational Exports Program (CTEP), which is an EXIM program established to help U.S. exporters compete with Chinese companies and ensure U.S. leadership in emerging technologies. Through CTEP, U.S. companies can benefit from reduced fees, extended repayment terms, and other tailored policies. About Critical Metals Corp. Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners. Its flagship Project, Tanbreez, is one of the world's largest rare earth deposits and is located in Southern Greenland. The deposit is expected to have access to key transportation outlets as the area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean. Another key asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable asset in an expanding geostrategic critical metals portfolio. With this strategic asset portfolio, Critical Metals Corp is positioned to become a reliable and sustainable supplier of critical minerals essential for defense applications, the clean energy transition, and next-generation technologies in the western world. For more information, please visit About the Export-Import Bank of the United States The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at Cautionary Note Regarding Forward Looking Statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). Forward-looking statements may include expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, forward-looking statements may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target,' 'designed to' or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors discussed under the 'Risk Factors' section in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are based on information available as of the date of this news release, and expectations, forecasts and assumptions as of that date, involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Critical Metals Corp. Investor Relations: ir@ Media: pr@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
15-06-2025
- Business
- Bloomberg
US Ex-Im Bank May Fund Greenland Rare Earths Mine, Reuters Says
The US Export-Import Bank is considering providing up to $120 million for a rare earths project by Critical Metals Corp. in Greenland, Reuters reported Sunday, citing a letter of interest.
