Critical Metals Announces Acquisition of Rare Earth Mine in Greenland
Tuesday, 11 June 2024, 03:55
Critical Metals Acquires Greenland's Rare Earth Mine in a $211 Million Deal
Key Highlights:
- The acquisition by Critical Metals involves a substantial payment of US$211 million for a rare earth mine in Greenland.
- China's dominance in rare earth production has sparked concerns among the US and its allies, given the strategic importance of these elements in aerospace and defense applications.
- This acquisition reflects a strategic maneuver by Critical Metals to secure a stake in the rare earth market and possibly reduce dependence on Chinese supply.
The US and its allies have expressed apprehension over China's near-monopoly in rare earth supply chain, necessitating diversification strategies by other countries and companies.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.