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On January 15, Critical Metals Corp., a company specializing in the mining of critical minerals, made an announcement stating that it had entered into a non-binding term sheet with the Saudi multinational industrial conglomerate Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company (TQB). The purpose of this agreement is to establish a 50:50 joint venture.
The term sheet delineates an investment framework that could reach up to $1.5 billion. This substantial investment is earmarked for the construction of a rare earth processing plant in Saudi Arabia. The overarching goal of this project is to forge a fully integrated supply chain, encompassing every stage from mineral mining to processing.
Furthermore, the agreement stipulates a long-term arrangement wherein 25% of the rare earth concentrates sourced from the Tanbreez project will be supplied to Saudi Arabia.
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