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Critical Metals said it has ⁠signed a 15-year binding offtake agreement with ​REalloys for rare earth concentrate from its Tanbreez project ‌in Greenland.

Under the agreement, ‌REalloys will buy 15% of annual ⁠rare earth ⁠concentrate production from the project, which is one ​of the world’s largest known heavy rare earth deposits.

• ​The agreement formalizes and expands on a non-binding ⁠deal signed ⁠by the companies ⁠last ​October.

• It also follows Greenland’s approval in April for Critical ​Metals to ⁠increase its ownership in the project to 92.5%.

• Critical Metals said the deal strengthens the commercial outlook for the Tanbreez project as it moves ⁠toward production.

• REalloys will receive priority rights to concentrate containing ⁠higher levels of the critical heavy rare earth elements, dysprosium and terbium, along with a right of first refusal over additional volumes.

• Deliveries will be made from the Tanbreez port in southern Greenland, with pricing linked to international rare earth oxide benchmarks.

• United States ⁠and its allies have stepped up efforts to secure supplies of critical minerals outside China, which dominates much of the global rare earth ​processing industry.

Source: U.S.News