European Lithium Backs Game-Changing Rare Earths Deal

European Lithium Ltd. (AU:EUR) has released an update.

Critical Metals Corp. has entered into an agreement to acquire a 92.5% interest in the Tanbreez Greenland Rare Earth Mine, a significant rare earth asset, for $211 million in shares and cash, while European Lithium retains a 7.5% stake. The Tanbreez Project is set to provide a sustainable and strategic supply of rare earth elements to the Western World, reducing reliance on dominant Chinese resources. This move is expected to bolster western national security and support the production of advanced technology and defense industry products.

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