en.Wedoany.com Reported - On May 5, 2026, U.S. mining development company Critical Metals Corp. announced it has received formal approval from the Greenland Government, through the ministry responsible for land and infrastructure, to acquire a 70% stake in 60° North Greenland ApS. Through this strategic mineral development initiative, Critical Metals Corp. plans to indirectly acquire ownership of the associated land and asset portfolio. This approval satisfies a key closing condition for the transaction announced on March 23, 2026.

The ministry specifically granted Critical Metals Corp. permission to acquire 70% of the shares of 60° North ApS, thereby indirectly obtaining ownership of the relevant land and asset portfolio referenced in the company's application. 60° North ApS is a Greenland-based enterprise providing construction, logistics, drilling, and project development services supporting local mineral exploration and mining operations. This strategic mineral development initiative will enhance the company's on-site operational capabilities and infrastructure construction in Greenland, providing direct support to accelerate the Tanbreez project.

Critical Metals Corp. Chairman and CEO Tony Sage stated: "Receiving approval from the Greenland authorities marks a significant step towards completing our acquisition of 60° North. This outcome reflects our commitment to responsible development in Greenland and establishing a secure critical minerals supply chain." Following government approval, the company expects to complete the acquisition in the near term. This strategic mineral development transaction will further strengthen the company's strategic footprint in South Greenland, where it holds a controlling interest in the Tanbreez project, recognized as one of the world's largest rare earth deposits.

Critical Metals Corp. is a mining development company focused on critical metals and minerals. Its asset portfolio includes the flagship Tanbreez project in South Greenland and the Wolfsberg Lithium Project located in Carinthia, 270 kilometers south of Vienna, Austria. The company previously completed the acquisition of an additional 50.5% stake in Tanbreez Mining Greenland A/S on April 29, 2026, increasing its ownership from 42% to 92.5%. With the approval of this strategic mineral development initiative, Critical Metals Corp.'s operational footprint in Greenland is further expanded.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com