Latest news with #CriticalMetals
New York Post
14 hours ago
- Business
- New York Post
US Export-Import Bank considering $120M loan for Greenland rare earths project
Critical Metals Corp. has received a letter of interest from the U.S. Export-Import Bank for a loan worth up to $120 million to fund the company's Tanbreez rare earths mine in Greenland, in what would be the Trump administration's first overseas investment in a mining project. The loan, if approved, would boost U.S. access to minerals increasingly at the center of global economic trade and help offset the country's reliance on market leader China. It also comes after President Trump openly mused earlier this year about acquiring the Danish island territory, an overture that has been repeatedly rejected. In a letter dated June 12 and reviewed by Reuters, New York-based Critical Metals has met initial requirements to apply for the $120 million EXIM loan and, if approved, would have a 15-year repayment term, longer than the company likely would have with private financing. 4 A loan by the U.S. Export-Import Bank to fund Critical Minerals Corp.'s Tanbreez rare earths mine in Greenland would be the Trump administration's first overseas investment in a mining project. Getty Images The project would have to be 'well-capitalized with sufficient equity from strategic investors' to receive the loan, the letter said. EXIM, which acts as the U.S. government's export credit agency, said in the letter that Critical Metals qualifies for a loan program designed to support companies that compete with China. The Tanbreez project is expected to cost $290 million and the EXIM funds would be used to fund technical work and get the mine to initial production by 2026. Once fully operational, the mine is expected to produce 85,000 metric tons per year of a rare earths concentrate and two minor metals. 'This funding package is expected to unlock significant value for our project and our stakeholders,' said Tony Sage, the company's CEO. Representatives for EXIM were not immediately available to comment. The move is the latest in a series of supportive actions by Washington toward the Tanbreez deposit and Greenland's mining sector. Reuters reported in January the Biden administration had successfully lobbied privately held Tanbreez Mining not to sell to a Chinese developer and instead sell to Critical Metals. Biden officials were visiting Nuuk as recently as last November trying to woo additional private investment in the island. Trump sent Vice President JD Vance to the island in March. 4 Vice President JD Vance in Greenland in March. via REUTERS The island's mining sector has developed slowly in recent years, hindered by limited investor interest, bureaucratic challenges and environmental concerns. Currently, only two small mines are in operation. Rare earths have strong magnetic properties that make them critical to high-tech industries ranging from electric vehicles to missile systems. Their necessity has given rise to intense competition as Western countries try to lessen their dependence on China's near-total control of their extraction and processing. Beijing in April put export restrictions on rare earths as part of its trade spat with Trump. The two countries earlier this month reached a truce, although Beijing's control of the sector has exacerbated the West's over-reliance and sparked a global hunt for fresh supplies. 4 President Trump has openly mused about acquiring the Greenland from Denmark, which Copenhagen has rejected. REUTERS Despite the loan potential, Critical Metals would still have to either build a processing facility or find an existing site with spare capacity. The company told Reuters that its goal is to process the material inside the U.S., a goal the EXIM loan would make more achievable. Last year, Critical Metals had applied for funding to develop a processing facility from the U.S. Department of Defense, but the review process stalled ahead of Trump's January inauguration. 4 Greenland's mining sector has developed slowly in recent years, slowed by limited investor interest, bureaucratic challenges and environmental concerns. It has only two mines in operation. Getty Images For the EXIM loan's additional funding requirements, Critical Metals said it is considering offtake agreements, royalty streams and funding from other U.S. governmental agencies. Critical Metals told Reuters earlier this year that it has held supply talks with defense contractor Lockheed Martin, among others. Critical Metals' 10th-largest investor is brokerage firm Cantor Fitzgerald, which was formerly led by Howard Lutnick before he joined Trump's cabinet as commerce secretary. Sage told Reuters in January he had never met or talked to Lutnick, but acknowledged Cantor's investment was a positive for his company. EXIM last year extended a letter of interest to Perpetua Resources for a loan worth up to $1.8 billion for its antimony and gold mine in Idaho.
Bloomberg
16 hours ago
- 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.
Yahoo
16 hours ago
- Business
- Yahoo
Exclusive-US Export-Import Bank considers $120 million loan for Greenland rare earths project
By Ernest Scheyder (Reuters) -Critical Metals Corp has received a letter of interest from the U.S. Export-Import Bank (EXIM) for a loan worth up to $120 million to fund the company's Tanbreez rare earths mine in Greenland, in what would be the Trump administration's first overseas investment in a mining project. The loan, if approved, would boost U.S. access to minerals increasingly at the center of global economic trade and help offset the country's reliance on market leader China. It also comes after President Donald Trump openly mused earlier this year about acquiring the Danish island territory, an overture that has been repeatedly rejected. In a letter dated June 12 and reviewed by Reuters, New York-based Critical Metals has met initial requirements to apply for the $120 million EXIM loan and, if approved, would have a 15-year repayment term, longer than the company likely would have with private financing. The project would have to be "well-capitalized with sufficient equity from strategic investors" to receive the loan, the letter said. EXIM, which acts as the U.S. government's export credit agency, said in the letter that Critical Metals qualifies for a loan program designed to support companies that compete with China. The Tanbreez project is expected to cost $290 million and the EXIM funds would be used to fund technical work and get the mine to initial production by 2026. Once fully operational, the mine is expected to produce 85,000 metric tons per year of a rare earths concentrate and two minor metals. "This funding package is expected to unlock significant value for our project and our stakeholders," said Tony Sage, the company's CEO. Representatives for EXIM were not immediately available to comment. The move is the latest in a series of supportive actions by Washington toward the Tanbreez deposit and Greenland's mining sector. Reuters reported in January that former President Joe Biden's administration had successfully lobbied privately held Tanbreez Mining not to sell to a Chinese developer and instead sell to Critical Metals. Biden officials were visiting Nuuk as recently as last November trying to woo additional private investment in the island. Trump sent Vice President JD Vance to the island in March. The island's mining sector has developed slowly in recent years, hindered by limited investor interest, bureaucratic challenges and environmental concerns. Currently, only two small mines are in operation. Rare earths have strong magnetic properties that make them critical to high-tech industries ranging from electric vehicles to missile systems. Their necessity has given rise to intense competition as Western countries try to lessen their dependence on China's near-total control of their extraction and processing. Beijing in April put export restrictions on rare earths as part of its trade spat with Trump. The two countries earlier this month reached a truce, although Beijing's control of the sector has exacerbated the West's over-reliance and sparked a global hunt for fresh supplies. Despite the loan potential, Critical Metals would still have to either build a processing facility or find an existing site with spare capacity. The company told Reuters that its goal is to process the material inside the U.S., a goal the EXIM loan would make more achievable. Last year, Critical Metals had applied for funding to develop a processing facility from the U.S. Department of Defense, but the review process stalled ahead of Trump's January inauguration. For the EXIM loan's additional funding requirements, Critical Metals said it is considering offtake agreements, royalty streams and funding from other U.S. governmental agencies. Critical Metals told Reuters earlier this year that it has held supply talks with defense contractor Lockheed Martin, among others. Critical Metals' 10th-largest investor is brokerage firm Cantor Fitzgerald, which was formerly led by Howard Lutnick before he joined Trump's cabinet as secretary of the U.S. Commerce Department. Sage told Reuters in January he had never met or talked to Lutnick, but acknowledged Cantor's investment was a positive for his company. EXIM last year extended a letter of interest to Perpetua Resources for a loan worth up to $1.8 billion for its antimony and gold mine in Idaho. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
16 hours ago
- Business
- Reuters
Exclusive: US Export-Import Bank considers $120 million loan for Greenland rare earths project
June 15 (Reuters) - Critical Metals Corp (CRML.O), opens new tab has received a letter of interest from the U.S. Export-Import Bank (EXIM) for a loan worth up to $120 million to fund the company's Tanbreez rare earths mine in Greenland, in what would be the Trump administration's first overseas investment in a mining project. The loan, if approved, would boost U.S. access to minerals increasingly at the center of global economic trade and help offset the country's reliance on market leader China. It also comes after President Donald Trump openly mused earlier this year about acquiring the Danish island territory, an overture that has been repeatedly rejected. In a letter dated June 12 and reviewed by Reuters, New York-based Critical Metals has met initial requirements to apply for the $120 million EXIM loan and, if approved, would have a 15-year repayment term, longer than the company likely would have with private financing. The project would have to be "well-capitalized with sufficient equity from strategic investors" to receive the loan, the letter said. EXIM, which acts as the U.S. government's export credit agency, said in the letter that Critical Metals qualifies for a loan program designed to support companies that compete with China. The Tanbreez project is expected to cost $290 million and the EXIM funds would be used to fund technical work and get the mine to initial production by 2026. Once fully operational, the mine is expected to produce 85,000 metric tons per year of a rare earths concentrate and two minor metals. "This funding package is expected to unlock significant value for our project and our stakeholders," said Tony Sage, the company's CEO. Representatives for EXIM were not immediately available to comment. The move is the latest in a series of supportive actions by Washington toward the Tanbreez deposit and Greenland's mining sector. Reuters reported in January that former President Joe Biden's administration had successfully lobbied privately held Tanbreez Mining not to sell to a Chinese developer and instead sell to Critical Metals. Biden officials were visiting Nuuk as recently as last November trying to woo additional private investment, opens new tab in the island. Trump sent Vice President JD Vance to the island in March. The island's mining sector has developed slowly in recent years, hindered by limited investor interest, bureaucratic challenges and environmental concerns. Currently, only two small mines are in operation. Rare earths have strong magnetic properties that make them critical to high-tech industries ranging from electric vehicles to missile systems. Their necessity has given rise to intense competition as Western countries try to lessen their dependence on China's near-total control of their extraction and processing. Beijing in April put export restrictions on rare earths as part of its trade spat with Trump. The two countries earlier this month reached a truce, although Beijing's control of the sector has exacerbated the West's over-reliance and sparked a global hunt for fresh supplies. Despite the loan potential, Critical Metals would still have to either build a processing facility or find an existing site with spare capacity. The company told Reuters that its goal is to process the material inside the U.S., a goal the EXIM loan would make more achievable. Last year, Critical Metals had applied for funding to develop a processing facility from the U.S. Department of Defense, but the review process stalled ahead of Trump's January inauguration. For the EXIM loan's additional funding requirements, Critical Metals said it is considering offtake agreements, royalty streams and funding from other U.S. governmental agencies. Critical Metals told Reuters earlier this year that it has held supply talks with defense contractor Lockheed Martin (LMT.N), opens new tab, among others. Critical Metals' 10th-largest investor is brokerage firm Cantor Fitzgerald ( which was formerly led by Howard Lutnick before he joined Trump's cabinet as secretary of the U.S. Commerce Department. Sage told Reuters in January he had never met or talked to Lutnick, but acknowledged Cantor's investment was a positive for his company. EXIM last year extended a letter of interest to Perpetua Resources (PPTA.O), opens new tab for a loan worth up to $1.8 billion for its antimony and gold mine in Idaho.
Yahoo
30-05-2025
- Business
- Yahoo
Critical Metals announces gross proceeds of $2M from exercise of warrants
Critical Metals (CRML) announced the exercise of outstanding warrants to purchase 400,000 ordinary shares of the Company at an exercise price of $5.00 per warrant. The warrants were initially issued to investors at the time of the consummation of the Company's initial public listing on Nasdaq. In connection with the exercise of the warrants, and pursuant to the terms of the original agreement entered into with the investors, the Company removed contractual restrictions on an additional 1,200,000 ordinary shares that were otherwise subject to forfeiture. In connection with the exercise of the warrants, the Company has received gross proceeds of approximately $2M. Critical Metals Corp intends to use the net proceeds from the warrant exercise primarily to help advance the development strategies of its critical mineral projects in Greenland and Europe. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on CRML: Disclaimer & DisclosureReport an Issue Critical Metals releases further high-grade drilling results on Tanbreez Critical Metals publishes deep diamond drill results from Tanbreez Greenland Critical Metals Corp Announces Executive Appointments and Share Issuance for Tanbreez Acquisition Critical Metals announces the appointment of several executive leaders Critical Metals discusses 'China's monopoly' with Speaker of the House Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
