1 00:00:02,520 --> 00:00:12,920 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. But in terms of 2 00:00:13,000 --> 00:00:18,960 Speaker 1: cooperation with our resources, we know we have huge potential 3 00:00:19,400 --> 00:00:22,880 Speaker 1: and we have sit from the beginning. Let's have respectful 4 00:00:23,000 --> 00:00:27,000 Speaker 1: conversations and talk about how we can strengthen the partnership 5 00:00:27,360 --> 00:00:30,720 Speaker 1: also in terms of our mineral resources. 6 00:00:31,840 --> 00:00:35,040 Speaker 2: That was Greenland's Prime minister on partnering with the US. 7 00:00:35,159 --> 00:00:37,680 Speaker 2: Denmark's Prime minister is now flying to meet with him 8 00:00:37,680 --> 00:00:41,839 Speaker 2: today to discuss the territory's future, which the US has 9 00:00:41,880 --> 00:00:45,040 Speaker 2: a large interest in mining there. Joining US now Tony Stage, 10 00:00:45,080 --> 00:00:48,280 Speaker 2: CEO and executive chairman of Critical Medals, the company just 11 00:00:48,360 --> 00:00:50,680 Speaker 2: green with the start of construction for a storage and 12 00:00:50,720 --> 00:00:54,520 Speaker 2: pilot facility in Greenland for its and Critical Minerals project. Tony, 13 00:00:54,520 --> 00:00:56,360 Speaker 2: thank you so much for joining. What a week it's 14 00:00:56,360 --> 00:00:59,120 Speaker 2: been for everybody. But I think it's fair to say 15 00:00:59,160 --> 00:01:02,720 Speaker 2: that especially you have been attuned to the news, just 16 00:01:02,760 --> 00:01:04,880 Speaker 2: the back and forth in Greenland, whether the US would 17 00:01:04,880 --> 00:01:07,160 Speaker 2: take it by force now more of an agreement with 18 00:01:07,240 --> 00:01:09,959 Speaker 2: military basis and a keen interest in minerals. Does this 19 00:01:10,080 --> 00:01:13,240 Speaker 2: change anything for Critical Metals? 20 00:01:14,600 --> 00:01:15,119 Speaker 3: Not really. 21 00:01:15,240 --> 00:01:17,119 Speaker 4: On the ground, We're going one hundred miles an hour 22 00:01:17,240 --> 00:01:20,000 Speaker 4: doing what we can control. We can't control the politics 23 00:01:20,000 --> 00:01:23,120 Speaker 4: of the situation, but it certainly does affect us. I mean, 24 00:01:24,200 --> 00:01:27,959 Speaker 4: local people are very very concerned. And I've never been 25 00:01:28,000 --> 00:01:30,319 Speaker 4: operating in Greenland for twenty two years. I've never seen 26 00:01:30,360 --> 00:01:33,360 Speaker 4: a protest before, so they are very very concerned. It 27 00:01:33,400 --> 00:01:37,480 Speaker 4: does affect our staff in Greenland, it does affect the mentality. 28 00:01:38,400 --> 00:01:39,640 Speaker 3: For the uncertainty forband. 29 00:01:39,760 --> 00:01:42,320 Speaker 4: But for us as a company, we're going, like I said, 30 00:01:42,360 --> 00:01:45,600 Speaker 4: one hundred miles an hour. We're building pre construction, We're 31 00:01:45,640 --> 00:01:51,120 Speaker 4: doing our pilot plant, our office and obviously the labs 32 00:01:51,320 --> 00:01:54,280 Speaker 4: which is going to be very crucial in analyzing all 33 00:01:54,280 --> 00:01:55,000 Speaker 4: the materials. 34 00:01:55,120 --> 00:01:58,920 Speaker 5: Can you tell us what kind of agreements you've struck 35 00:01:59,000 --> 00:02:02,960 Speaker 5: for the rights to do this mining? I mean, for 36 00:02:03,080 --> 00:02:05,640 Speaker 5: how long have you got the rights? How do you 37 00:02:05,680 --> 00:02:08,440 Speaker 5: split it up in terms of what you get out 38 00:02:08,480 --> 00:02:12,280 Speaker 5: of the ground with the local economy. How does that 39 00:02:12,320 --> 00:02:12,919 Speaker 5: look Tony? 40 00:02:14,639 --> 00:02:16,760 Speaker 4: Yeah, Look at the moment, we've got a thirty year, 41 00:02:16,880 --> 00:02:23,080 Speaker 4: five hundred thousand ton perannum license to exploit the natural rearers. 42 00:02:23,840 --> 00:02:26,360 Speaker 4: The rearers that we're going to concentrate on is not 43 00:02:26,440 --> 00:02:29,800 Speaker 4: the lights. For the example, MP materials. We're going to 44 00:02:29,840 --> 00:02:33,919 Speaker 4: go for the heavies, and we've got four point seven 45 00:02:34,080 --> 00:02:37,600 Speaker 4: billion ton more body, which in effect would last one 46 00:02:37,600 --> 00:02:40,560 Speaker 4: thousand years, but we're only going to do a fraction 47 00:02:40,639 --> 00:02:42,840 Speaker 4: of that obviously at the beginning. 48 00:02:42,919 --> 00:02:45,000 Speaker 3: So we're going to concentrate on the heavies, which are. 49 00:02:44,919 --> 00:02:49,040 Speaker 4: The terbiums, the hathmiums, the galliums, and the. 50 00:02:50,040 --> 00:02:51,720 Speaker 3: Disperse me in that tantle them. 51 00:02:51,800 --> 00:02:54,480 Speaker 4: So those are the ones that the US government can 52 00:02:54,560 --> 00:03:00,120 Speaker 4: particularly interested in because it obviously fuels national defense. You 53 00:03:00,160 --> 00:03:02,480 Speaker 4: cannot build an F thirty five fighter, you can't build 54 00:03:02,480 --> 00:03:07,360 Speaker 4: a destroyer, nuclear power plants, et cetera, et cetera. So 55 00:03:07,400 --> 00:03:09,920 Speaker 4: they're the ones that we're going to particularly concentrate on. 56 00:03:09,960 --> 00:03:11,160 Speaker 3: In Greenland, Tony. 57 00:03:11,360 --> 00:03:14,600 Speaker 2: This has been an American government that's increasingly getting involved 58 00:03:14,680 --> 00:03:18,040 Speaker 2: in corporate America, in corporations, especially when it comes to 59 00:03:18,120 --> 00:03:21,080 Speaker 2: metals and taking steaks for your more recent projects. Have 60 00:03:21,160 --> 00:03:24,400 Speaker 2: you had conversations with this government about doing just that, 61 00:03:24,560 --> 00:03:27,480 Speaker 2: any financial commitments that they're hoping to achieve. 62 00:03:29,200 --> 00:03:32,560 Speaker 4: Yeah, Look, we've had a very very good discussion with Xcembank. 63 00:03:33,320 --> 00:03:35,560 Speaker 3: We've signed an loi with the XCEM Bank. It's a 64 00:03:35,600 --> 00:03:36,680 Speaker 3: fantastic deal for US. 65 00:03:36,680 --> 00:03:39,360 Speaker 4: It's one hundred and twenty million dollars over fourtyeen years 66 00:03:40,000 --> 00:03:42,720 Speaker 4: and only one point nine percent. Really, if you're take 67 00:03:42,760 --> 00:03:45,400 Speaker 4: into account inflation, it's a negative interest rate. 68 00:03:45,480 --> 00:03:48,280 Speaker 3: So that's been fantastic for US. We've applied for. 69 00:03:48,320 --> 00:03:53,080 Speaker 4: It under the old ADPA funding, so under the new 70 00:03:53,560 --> 00:03:54,960 Speaker 4: terminology it's Chips funding. 71 00:03:55,000 --> 00:03:55,880 Speaker 3: We've applied for that. 72 00:03:56,240 --> 00:04:01,440 Speaker 4: Hopefully we'll get a fair hearing on that, but we've done. 73 00:04:01,200 --> 00:04:03,760 Speaker 3: Some very very good financial maneuvering. 74 00:04:04,160 --> 00:04:06,920 Speaker 4: We've decided to do fifty percent of the product to 75 00:04:06,960 --> 00:04:10,320 Speaker 4: the US and fifty percent to the EU, so one 76 00:04:10,400 --> 00:04:13,080 Speaker 4: hundred percent of our off take is now being taken up, 77 00:04:13,560 --> 00:04:17,480 Speaker 4: which completely de risks the project. So it's fantastic for US. 78 00:04:17,520 --> 00:04:21,240 Speaker 4: We've got fantastic for the EU. The Romanian government is 79 00:04:21,279 --> 00:04:23,640 Speaker 4: heavily involved. Fifty percent is going to go to them, 80 00:04:24,000 --> 00:04:27,680 Speaker 4: and we've signed deals with UKRP in the States re alloys, 81 00:04:28,200 --> 00:04:33,880 Speaker 4: and we've followed MP materials to the to Saudi. They've 82 00:04:33,880 --> 00:04:38,480 Speaker 4: signed a deal with Trump and MBS a few months ago. 83 00:04:39,080 --> 00:04:42,280 Speaker 4: We followed that lead and we're building a processing plant 84 00:04:42,279 --> 00:04:44,960 Speaker 4: in Saudi, but all of the product from the Saudi 85 00:04:44,960 --> 00:04:46,760 Speaker 4: processing plant will go to the US. 86 00:04:47,480 --> 00:04:50,440 Speaker 5: So I was just going to ask where are these 87 00:04:51,640 --> 00:04:54,520 Speaker 5: minerals that you mine are going to be refined? Are 88 00:04:54,520 --> 00:04:58,440 Speaker 5: you saying that half will be refined in the US 89 00:04:58,600 --> 00:05:01,520 Speaker 5: or sort of at the be asked of US companies, 90 00:05:01,680 --> 00:05:04,640 Speaker 5: you know, because the refining question is one that sticks 91 00:05:04,640 --> 00:05:07,159 Speaker 5: in my mind. It's a really difficult process. So I 92 00:05:07,240 --> 00:05:10,400 Speaker 5: hear to refine these things maybe dirty and danger. 93 00:05:10,720 --> 00:05:12,839 Speaker 3: Yeah, very difficult. 94 00:05:12,920 --> 00:05:16,560 Speaker 5: So who does the refining of the stuff that you get? Okay? 95 00:05:16,600 --> 00:05:21,799 Speaker 4: So we've partnered with the remaining government with their nuclear department. 96 00:05:21,880 --> 00:05:25,480 Speaker 4: They've reprocessing nuclear rods that already in the plant. We're 97 00:05:25,480 --> 00:05:28,320 Speaker 4: going to build our plant next door. The technology is 98 00:05:28,360 --> 00:05:30,960 Speaker 4: there for us to do that. We're using the same 99 00:05:31,000 --> 00:05:35,839 Speaker 4: technology in Saudi Arabia, so that will be set the 100 00:05:36,200 --> 00:05:39,480 Speaker 4: two twenty five percent of the product that's coming directly 101 00:05:39,520 --> 00:05:40,560 Speaker 4: to the United States. 102 00:05:40,800 --> 00:05:42,560 Speaker 3: We're using the u core technology. 103 00:05:42,560 --> 00:05:45,480 Speaker 4: They've got a plant in Louisiana, and we're using the 104 00:05:45,960 --> 00:05:51,560 Speaker 4: re Allies technology which is based in Ohio. So that's 105 00:05:51,680 --> 00:05:54,680 Speaker 4: twenty five percent pure product going to the US for US. 106 00:05:55,040 --> 00:05:58,440 Speaker 3: But the Saudi twenty five percent we're going to refine 107 00:05:58,480 --> 00:05:59,720 Speaker 3: that is going to go to the US. 108 00:05:59,800 --> 00:06:04,480 Speaker 4: The product which are the tubiums, the hathmiums, the no bms, galliums, 109 00:06:04,480 --> 00:06:04,880 Speaker 4: et cetera. 110 00:06:05,680 --> 00:06:07,480 Speaker 2: And Tony, just to kind of riterate what we've been 111 00:06:07,480 --> 00:06:09,880 Speaker 2: saying this whole time, and you've been saying that these 112 00:06:09,920 --> 00:06:12,760 Speaker 2: minerals are highly important to the US, and Trump has 113 00:06:12,800 --> 00:06:15,839 Speaker 2: emphasized that with not just artic security as being part 114 00:06:15,880 --> 00:06:18,719 Speaker 2: of the framework he says exists for a Greenland deal 115 00:06:18,800 --> 00:06:22,400 Speaker 2: but also mineral rights included in that framework. Tony, can 116 00:06:22,400 --> 00:06:26,120 Speaker 2: you give us how this soberview of what wealth there 117 00:06:26,200 --> 00:06:28,440 Speaker 2: is in Greenland when it comes to minerals, but not 118 00:06:28,800 --> 00:06:31,640 Speaker 2: just that, but how difficult it is to get it 119 00:06:31,640 --> 00:06:32,320 Speaker 2: out of the ground. 120 00:06:33,839 --> 00:06:37,600 Speaker 4: Look in a lot of areas, Greenland, as President Trump said, 121 00:06:37,680 --> 00:06:40,520 Speaker 4: is under ice, under a lot of ice. We're very 122 00:06:40,560 --> 00:06:43,880 Speaker 4: lucky with our deposits. We're in the southern part of Greenland. 123 00:06:44,200 --> 00:06:47,120 Speaker 4: It's quite temperate. It only gets to minus five celsius. 124 00:06:47,920 --> 00:06:50,520 Speaker 4: It's cultor in New York and Chicago at some points, 125 00:06:51,200 --> 00:06:53,200 Speaker 4: and fifteen degrees in summer. 126 00:06:53,279 --> 00:06:54,960 Speaker 3: So very temperate climate. 127 00:06:55,400 --> 00:06:59,960 Speaker 4: But there are trillions, literally trillions of dollars of material 128 00:07:00,160 --> 00:07:03,160 Speaker 4: in Greenland other than rare earths. You've got one of 129 00:07:03,200 --> 00:07:06,480 Speaker 4: the biggest iron or deposits. You've got uranium. The oil 130 00:07:06,520 --> 00:07:10,320 Speaker 4: and gas potential is absolutely massive, so Greenland is a 131 00:07:10,360 --> 00:07:15,440 Speaker 4: treasure trove. Unfortunately, a lot of those minerals and oil 132 00:07:15,440 --> 00:07:19,280 Speaker 4: and gas aren't allowed to be exploited under the ruling 133 00:07:19,400 --> 00:07:23,200 Speaker 4: of the Denmark Control over Greenland, so you cannot draw 134 00:07:23,240 --> 00:07:27,000 Speaker 4: for oil and gas, you cannot mine uranium, for example. 135 00:07:27,400 --> 00:07:32,640 Speaker 4: So the potential for Greenland is fantastic. Unfortunately the current 136 00:07:32,760 --> 00:07:35,720 Speaker 4: laws don't let you exploit a lot of the material 137 00:07:36,400 --> 00:07:37,160 Speaker 4: that they do have. 138 00:07:38,400 --> 00:07:40,520 Speaker 5: Tony, great to get you on the program again, Thanks 139 00:07:40,560 --> 00:07:43,240 Speaker 5: so much for joining us. Tony Sage there of critical 140 00:07:43,520 --> 00:07:47,440 Speaker 5: metals talking about getting these rare earth minerals, heavy rare 141 00:07:47,960 --> 00:07:51,760 Speaker 5: minerals out of the ground, and it's an incredibly important endeavor, 142 00:07:52,240 --> 00:07:55,680 Speaker 5: as we have grown to realize over the past few 143 00:07:55,760 --> 00:07:58,880 Speaker 5: years for manufacturing of high tech goods.