Trump administration may invest in Greenland mining company

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(Reuters) -Trump administration officials have discussed taking a stake in Critical Metals Corp ( CRML ), four people familiar with the discussions told Reuters, which would give Washington a direct interest in the largest rare earths project in Greenland, the Arctic territory that President Donald Trump once suggested buying.

If finalized, the deal would mark the latest political twist for the Tanbreez rare earths deposit, which former President Joe Biden successfully lobbied to have sold to New York-based Critical Metals for far less than a Chinese firm was offering. Washington has recently taken stakes in Lithium Americas ( LAC ) and MP Materials ( MP ), underscoring Trump's desire for the U.S. to benefit from growing production of minerals used across the global economy.

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The EXIM loan would be used to fund technical work and get the mine to initial production by 2026. Once fully operational, the mine is expected to produce 85,000 metric tons per year of rare earths concentrate. The site also contains gallium, which China subjected to export restrictions last year, and tantalum. Greenland's mining sector has developed slowly in recent years, hindered by limited investor interest, bureaucratic challenges and environmental concerns. Currently, only two small mines are in operation. The remote, cold location of Tanbreez is seen posing challenges to its development, although the deposit is located near a major waterway.

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