Critical Metals Corp reports drilling results from its Tanbreez rare earth deposit.
The Tanbreez deposit in southern Greenland is emerging as a key contender in reducing global reliance on China for rare earth supplies. With an estimated 19 million tons of rare earth elements, the deposit includes up to 30% of the highly coveted heavy rare earths, such as dysprosium and terbium. Now, its potential value has climbed even higher: according to U.S.-based Critical Metals Corp, the majority owner, recent drilling has uncovered one of the world’s highest concentrations of gallium, a critical and increasingly strategic resource.
Gallium, a critical mineral primarily obtained as a byproduct of bauxite mining, is indispensable for producing computer chips, solar panels, and LEDs. As the world’s leading supplier, China imposed export restrictions on gallium in mid-2023, briefly limiting its global availability.
Tony Sage, CEO and Executive Chairman of Critical Metals Corp, emphasized the deposit’s substantial investment potential. He announced that the company intends to conduct further exploration and evaluate the economic viability of mining operations to unlock this critical resource.
Enormous Resource Potential and Challenges in Greenland
Greenland, rich in natural resources, has increasingly captured the attention of Western nations aiming to diversify their supply chains. Just days ago, U.S. Undersecretary of State Jose W. Fernandez visited the island, placing critical minerals at the forefront of discussions. Similarly, European Commission President Ursula von der Leyen traveled to Greenland in March, culminating in a raw materials partnership agreement later in December.
Beyond Tanbreez, several other rare earth projects in Greenland are gaining traction. Neo Performance, which operates one of Europe’s few rare earth processing facilities in Estonia, is advancing the Sarfartoq project in the island’s southwest. In contrast, Australia’s Energy Transition Minerals continues to encounter hurdles with its Kvanefjeld project further south, constrained by Greenland’s stringent mining regulations introduced in late 2021.
Photo credits: xella, grmarc2, Olha Bu via Canva