[Breaking News: Ucore of Canada and Critical Metals Sign Offtake Agreement for Greenland Rare Earths] US mining developer Critical Metals and Canadian rare earth processor Ucore Rare Metals signed a non-binding letter of intent. According to this letter, Critical Metals will supply rare earth raw materials from its Tanbreez project in Greenland. The company revealed that the long-term offtake agreement stipulates an annual supply of up to 10,000 mt of rare earth concentrate to Ucore, which is approximately 10% of the initial estimated production of the Tanbreez project, with the supply agreement initially set for ten years.

Ucore is expected to use these rare earth concentrates as production raw material for its strategic metals complex in Alexandria, Louisiana, to extract rare earth oxides from mixed rare earth carbonates. Notably, this rare earth plant began construction in May and has received funding support from federal and state governments, including $18.4 million from the US Department of Defense.

In the initial phase, a small amount of rare earth concentrate will be processed at Ucore's commercial demonstration facility in Kingston, Ontario, Canada.