Critical Metals Corp. (CRML) announced an agreement to acquire a majority stake in 60° North Greenland ApS, a Greenlandic company that supplies construction, exploration, logistics and project‑development services for mining projects in the region. The transaction is subject to customary closing conditions and no definitive closing date has been disclosed.
The acquisition is intended to expand CRML’s operational footprint in southern Greenland, where the company already holds a controlling interest in the Tanbreez rare‑earth deposit. 60° North’s local expertise and existing infrastructure are expected to accelerate the development of Tanbreez’s infrastructure and operational capacity, helping CRML meet its exploitation‑license deadlines and move closer to first‑ore production.
CRML’s management has highlighted that the deal will reduce reliance on external contractors, lower project‑execution costs, and strengthen supply‑chain control for the high‑value heavy rare‑earth elements that are critical to defense and clean‑energy applications. The company has also approved a $30 million program in March 2026 to fast‑track drilling, infrastructure, engineering and metallurgy work, with a target for first ore production in Q4 2028 or Q1 2029.
Greenland’s Mineral Activities Act, effective January 1 2024, provides a robust legal framework for mineral development, emphasizing sustainable practices and environmental impact assessments. 60° North’s Arctic logistics expertise is essential for operations in the remote and challenging Greenlandic environment, and the acquisition aligns with global demand for critical minerals and supply‑chain diversification away from dominant producers.
While the financial terms of the deal have not been disclosed, the transaction signals CRML’s transition from an exploration‑stage company to a production‑ready operator in the critical‑minerals space. Management has emphasized building a robust, western‑aligned supply chain for critical minerals, and the acquisition is a strategic step toward that goal.
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