One of the most exciting rare earth projects in the world is on the verge of a major cash infusion from the United States Export-Import Bank.
What’s happening:
- Critical Metals (NASDAQ: CRML) has officially received a letter of interest from the United States Export-Import Bank for a $120M USD loan to accelerate bringing their flagship rare earth property in Greenland into production
By the numbers:
- The loan from the United States Export-Import Bank would be repaid over 15 years
- Critical Metals’ Tanbreez Project is expected to produce roughly 85,000 tonnes per year of rare earth oxide once in full scale production
Why it matters:
- This is the first time ever that the United States Export-Import Bank has given a letter of interest to a rare earth mining project located in Greenland
Going deeper:
- The United States Export-Import Bank has publicly stated that Critical Metals has met all of their initial preliminary requirements for receiving the loan financing
- Critical Metals’ Tanbreez Project is widely considered to be one of the most significant rare earth element deposits in the entire world and has also been making waves with historical drilling results from the property
The intrigue:
- Rare earth elements have come into major focus lately in American politics, which has been largely fuelled by China’s export restrictions of rare earths and the White House launching a formal investigation into the risks of relying on foreign countries for rare earth supply
