Critical Metals Corp. (NASDAQ:CRML) is one of the new stocks on the rise. On January 20, Clear Street raised its price target for Critical Metals from $14 to $20 with a Buy rating following the signing of a strategic 50/50 joint venture with a major Saudi Arabian industrial conglomerate, Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers. The partnership aims to develop and construct a rare earth processing facility and mark the company’s expansion. The firm projects that the Tanbreez project will achieve an annual production of ~100,000 metric tons of rare earth element concentrate during its first phase.
On January 15, Critical Metals Corp entered into this non-binding agreement, where the proposed refinery would process ~25% of the output from the company’s Tanbreez mine in Greenland, specifically targeting the supply chain for the US defense sector. This partnership is expected to solidify the project’s financial standing and provide a guaranteed customer base for the $290 million development.
The move coincides with heightened geopolitical focus on Greenland’s mineral wealth, underscored by recent high-level meetings between Danish, Greenlandic, and US officials. To support the project’s importance in breaking China’s processing monopoly, the US Export-Import Bank is considering a $120 million loan for the Tanbreez mine. By pre-selling the remaining 75% of its output to markets in the US and Europe, Critical Metals Corp. (NASDAQ:CRML) allocated its planned production, positioning the Saudi facility as a vital link in a new Western-aligned supply chain for next-gen military technologies.
Critical Metals Corp. operates as a mining exploration and development company in Austria and Southern Greenland. The company explores for lithium and rare earth element deposits. The company is based in Road Town, British Virgin Islands. Critical Metals Corp. is a subsidiary of European Lithium Limited.
Critical Metals Corp. (NASDAQ:CRML) operates as a mining exploration and development company in Austria and Southern Greenland. It explores for lithium and rare earth element deposits.
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Disclosure: None. This article is originally published at Insider Monkey.
