The camp of an exploration site of an anorthosite deposit is pictured close to the Qeqertarsuatsiaat fjord, Greenland, September 11, 2021.
According to a letter dated June 12 , Critical Metals has met the preliminary requirements to apply for the EXIM loan, which would carry a 15-year repayment term. This duration is longer than typical private financing options and could provide greater financial stability for the project. The company must secure sufficient equity from strategic investors in order to qualify for the loan.
The EXIM Bank identified Critical Metals as eligible under a financing program aimed at supporting firms that operate in sectors where China has a dominant presence. The Tanbreez project, with a total estimated cost of $290 million, would use the loan funds to support technical work and advance the mine to initial production by 2026.
Once fully operational, the Tanbreez mine is expected to produce approximately 85,000 metric tons annually of rare earth concentrate, along with two minor metals. These materials are essential for high-technology industries, including electric vehicles and advanced defense systems.
Critical Metals CEO Tony Sage said: “This funding package is expected to unlock significant value for our project and our stakeholders.”
The loan offer follows a series of supportive U.S. initiatives related to Greenland’s mining sector. In January, Reuters reported that the Biden administration had previously encouraged the private owners of the Tanbreez deposit not to sell the project to a Chinese developer, leading to its acquisition by Critical Metals. In recent years, Washington has also promoted investment in Greenland, with visits by government officials including Vice President JD Vance and representatives of the Department of Defense.
While the EXIM loan would help advance the mine, Critical Metals will still need to secure a processing facility. The company aims to establish processing operations within the United States, a goal that the EXIM financing would support. Last year, the company applied for development funding from the U.S. Department of Defense, but the review process was delayed.
To meet additional capital needs, Critical Metals is exploring options such as offtake agreements, royalty arrangements, and support from other U.S. government entities. The company has also held preliminary supply discussions with defense contractor Lockheed Martin.
Cantor Fitzgerald, formerly led by U.S. Commerce Secretary Howard Lutnick, is the company’s 10th-largest investor. Sage said in January that although he has never met Lutnick, the investment is viewed positively.
This potential funding reflects growing international interest in securing alternative sources of rare earths and strengthening global supply chains, as countries seek to reduce dependence on dominant producers.
