Critical Metals Corp (NASDAQ:CRML) has approved and commenced construction of a multi-use storage and pilot-plant facility in Qaqortoq, Greenland, a major milestone for the Tanbreez rare earths and critical metals project.
The project will be executed under a turnkey design-build contract awarded to 60° North Greenland, marking a key step in developing the infrastructure needed to advance the Tanbreez deposit, one of the world's largest rare earths resources.
European Lithium (ASX:EUR), which holds a 44.98% stake in Critical Metals, noted that the investment is currently valued at over US$714 million, based on CRML’s closing share price as of Jan. 8.
The facility is expected to support strategic mineral production critical for electrification and next-generation technologies, leveraging Greenland's year-round shipping access to the North Atlantic.
At the time of reporting, European Lithium's share price was $0.23.