Speaker 1: Bloomberg Audio Studios, podcasts, radio news. But in terms of
Speaker 1: cooperation with our resources, we know we have huge potential
Speaker 1: and we have sit from the beginning. Let's have respectful
Speaker 1: conversations and talk about how we can strengthen the partnership
Speaker 1: also in terms of our mineral resources.
Speaker 2: That was Greenland's Prime minister on partnering with the US.
Speaker 2: Denmark's Prime minister is now flying to meet with him
Speaker 2: today to discuss the territory's future, which the US has
Speaker 2: a large interest in mining there. Joining US now Tony Stage,
Speaker 2: CEO and executive chairman of Critical Medals, the company just
Speaker 2: green with the start of construction for a storage and
Speaker 2: pilot facility in Greenland for its and Critical Minerals project. Tony,
Speaker 2: thank you so much for joining. What a week it's
Speaker 2: been for everybody. But I think it's fair to say
Speaker 2: that especially you have been attuned to the news, just
Speaker 2: the back and forth in Greenland, whether the US would
Speaker 2: take it by force now more of an agreement with
Speaker 2: military basis and a keen interest in minerals. Does this
Speaker 2: change anything for Critical Metals?
Speaker 3: Not really.
Speaker 4: On the ground, We're going one hundred miles an hour
Speaker 4: doing what we can control. We can't control the politics
Speaker 4: of the situation, but it certainly does affect us. I mean,
Speaker 4: local people are very very concerned. And I've never been
Speaker 4: operating in Greenland for twenty two years. I've never seen
Speaker 4: a protest before, so they are very very concerned. It
Speaker 4: does affect our staff in Greenland, it does affect the mentality.
Speaker 3: For the uncertainty forband.
Speaker 4: But for us as a company, we're going, like I said,
Speaker 4: one hundred miles an hour. We're building pre construction, We're
Speaker 4: doing our pilot plant, our office and obviously the labs
Speaker 4: which is going to be very crucial in analyzing all
Speaker 4: the materials.
Speaker 5: Can you tell us what kind of agreements you've struck
Speaker 5: for the rights to do this mining? I mean, for
Speaker 5: how long have you got the rights? How do you
Speaker 5: split it up in terms of what you get out
Speaker 5: of the ground with the local economy. How does that
Speaker 5: look Tony?
Speaker 4: Yeah, Look at the moment, we've got a thirty year,
Speaker 4: five hundred thousand ton perannum license to exploit the natural rearers.
Speaker 4: The rearers that we're going to concentrate on is not
Speaker 4: the lights. For the example, MP materials. We're going to
Speaker 4: go for the heavies, and we've got four point seven
Speaker 4: billion ton more body, which in effect would last one
Speaker 4: thousand years, but we're only going to do a fraction
Speaker 4: of that obviously at the beginning.
Speaker 3: So we're going to concentrate on the heavies, which are.
Speaker 4: The terbiums, the hathmiums, the galliums, and the.
Speaker 3: Disperse me in that tantle them.
Speaker 4: So those are the ones that the US government can
Speaker 4: particularly interested in because it obviously fuels national defense. You
Speaker 4: cannot build an F thirty five fighter, you can't build
Speaker 4: a destroyer, nuclear power plants, et cetera, et cetera. So
Speaker 4: they're the ones that we're going to particularly concentrate on.
Speaker 3: In Greenland, Tony.
Speaker 2: This has been an American government that's increasingly getting involved
Speaker 2: in corporate America, in corporations, especially when it comes to
Speaker 2: metals and taking steaks for your more recent projects. Have
Speaker 2: you had conversations with this government about doing just that,
Speaker 2: any financial commitments that they're hoping to achieve.
Speaker 4: Yeah, Look, we've had a very very good discussion with Xcembank.
Speaker 3: We've signed an loi with the XCEM Bank. It's a
Speaker 3: fantastic deal for US.
Speaker 4: It's one hundred and twenty million dollars over fourtyeen years
Speaker 4: and only one point nine percent. Really, if you're take
Speaker 4: into account inflation, it's a negative interest rate.
Speaker 3: So that's been fantastic for US. We've applied for.
Speaker 4: It under the old ADPA funding, so under the new
Speaker 4: terminology it's Chips funding.
Speaker 3: We've applied for that.
Speaker 4: Hopefully we'll get a fair hearing on that, but we've done.
Speaker 3: Some very very good financial maneuvering.
Speaker 4: We've decided to do fifty percent of the product to
Speaker 4: the US and fifty percent to the EU, so one
Speaker 4: hundred percent of our off take is now being taken up,
Speaker 4: which completely de risks the project. So it's fantastic for US.
Speaker 4: We've got fantastic for the EU. The Romanian government is
Speaker 4: heavily involved. Fifty percent is going to go to them,
Speaker 4: and we've signed deals with UKRP in the States re alloys,
Speaker 4: and we've followed MP materials to the to Saudi. They've
Speaker 4: signed a deal with Trump and MBS a few months ago.
Speaker 4: We followed that lead and we're building a processing plant
Speaker 4: in Saudi, but all of the product from the Saudi
Speaker 4: processing plant will go to the US.
Speaker 5: So I was just going to ask where are these
Speaker 5: minerals that you mine are going to be refined? Are
Speaker 5: you saying that half will be refined in the US
Speaker 5: or sort of at the be asked of US companies,
Speaker 5: you know, because the refining question is one that sticks
Speaker 5: in my mind. It's a really difficult process. So I
Speaker 5: hear to refine these things maybe dirty and danger.
Speaker 3: Yeah, very difficult.
Speaker 5: So who does the refining of the stuff that you get? Okay?
Speaker 4: So we've partnered with the remaining government with their nuclear department.
Speaker 4: They've reprocessing nuclear rods that already in the plant. We're
Speaker 4: going to build our plant next door. The technology is
Speaker 4: there for us to do that. We're using the same
Speaker 4: technology in Saudi Arabia, so that will be set the
Speaker 4: two twenty five percent of the product that's coming directly
Speaker 4: to the United States.
Speaker 3: We're using the u core technology.
Speaker 4: They've got a plant in Louisiana, and we're using the
Speaker 4: re Allies technology which is based in Ohio. So that's
Speaker 4: twenty five percent pure product going to the US for US.
Speaker 3: But the Saudi twenty five percent we're going to refine
Speaker 3: that is going to go to the US.
Speaker 4: The product which are the tubiums, the hathmiums, the no bms, galliums,
Speaker 4: et cetera.
Speaker 2: And Tony, just to kind of riterate what we've been
Speaker 2: saying this whole time, and you've been saying that these
Speaker 2: minerals are highly important to the US, and Trump has
Speaker 2: emphasized that with not just artic security as being part
Speaker 2: of the framework he says exists for a Greenland deal
Speaker 2: but also mineral rights included in that framework. Tony, can
Speaker 2: you give us how this soberview of what wealth there
Speaker 2: is in Greenland when it comes to minerals, but not
Speaker 2: just that, but how difficult it is to get it
Speaker 2: out of the ground.
Speaker 4: Look in a lot of areas, Greenland, as President Trump said,
Speaker 4: is under ice, under a lot of ice. We're very
Speaker 4: lucky with our deposits. We're in the southern part of Greenland.
Speaker 4: It's quite temperate. It only gets to minus five celsius.
Speaker 4: It's cultor in New York and Chicago at some points,
Speaker 4: and fifteen degrees in summer.
Speaker 3: So very temperate climate.
Speaker 4: But there are trillions, literally trillions of dollars of material
Speaker 4: in Greenland other than rare earths. You've got one of
Speaker 4: the biggest iron or deposits. You've got uranium. The oil
Speaker 4: and gas potential is absolutely massive, so Greenland is a
Speaker 4: treasure trove. Unfortunately, a lot of those minerals and oil
Speaker 4: and gas aren't allowed to be exploited under the ruling
Speaker 4: of the Denmark Control over Greenland, so you cannot draw
Speaker 4: for oil and gas, you cannot mine uranium, for example.
Speaker 4: So the potential for Greenland is fantastic. Unfortunately the current
Speaker 4: laws don't let you exploit a lot of the material
Speaker 4: that they do have.
Speaker 5: Tony, great to get you on the program again, Thanks
Speaker 5: so much for joining us. Tony Sage there of critical
Speaker 5: metals talking about getting these rare earth minerals, heavy rare
Speaker 5: minerals out of the ground, and it's an incredibly important endeavor,
Speaker 5: as we have grown to realize over the past few
Speaker 5: years for manufacturing of high tech goods.