Mining Press Roundup: Greenland Approves Critical Metals' Tanbreez Plans as Western Projects Push Toward Financing

Critical Metals (Nasdaq: CRML) has won Greenland government approval for the mining and closure plans at its Tanbreez rare earths project, which MINING.COM described as clearing a major hurdle towards construction. Tanbreez, in southern Greenland, ranks among the larger undeveloped heavy rare earth projects outside China, so the decision matters for anyone tracking Western supply chains for these metals. The approval does not let construction begin, and the project still needs financing. The same gap between plan and funding runs through the day's other announcements, from a Mississippi nickel refinery to a Nevada lithium study, a Gabon potash project and a restart in British Columbia.

Critical Metals: Greenland Signs Off on Tanbreez Mining and Closure Plans

The plans were signed Sept. 29 and set out how the mine, processing plants, port and supporting infrastructure are to be built, operated and eventually closed and rehabilitated through September 2050. "Approval of the mining and closure plans is a defining milestone for Tanbreez and for Critical Metals Corp.," Chairman and CEO Tony Sage said in a release on Monday. Sage said the approval "gives us a clear framework through 2050 to responsibly develop one of the world's largest heavy rare earth deposits", according to MINING.COM.

MINING.COM reported that the plans don't yet allow Critical Metals to begin construction. The company still requires activity-specific approvals covering environmental management, marine transport, health and safety and mineral exports, as well as a required financial security. Its exploitation licence, granted in 2020, requires it to provide financial security and a company guarantee by the end of this year. It must also begin exploiting minerals by June 2029, according to its latest annual filing.

The company continues to target first ore production in the fourth quarter of 2028 or first quarter of 2029, followed by concentrate exports in the third quarter of 2029. A preliminary economic assessment issued in March 2025 put the after-tax net present value at $2.1 billion at a 15% discount rate, with initial capital costs estimated at $290 million. Tanbreez has no mineral reserves, though an April resource put the project at nearly 45 million indicated and inferred tonnes grading 0.4% total rare earth oxides.

On the commercial side, Critical Metals signed a binding 15-year offtake agreement with REalloys (Nasdaq: ALOY) in May covering 15% of initial production. The project has also received a $120-million letter of interest from the U.S. Export-Import Bank that has not yet been committed. European Lithium (ASX: EUR) holds the remaining 7.5% stake in Tanbreez and is being acquired by Critical Metals in an all-stock deal announced in May. Shareholders and optionholders are due to vote Oct. 22.

Shares in Critical Metals gained 4.4% on Monday morning in New York to $7.34 apiece, valuing the company at $1.08 billion. The stock's 52-week range is $5.12 to $32.15.

Westwin Elements: Class 1 Nickel Refinery Planned for Natchez

Westwin Elements announced Monday plans to invest $502 million over five years to establish a commercial-scale Class 1 nickel refinery at the Belwood Industrial Site in Natchez, Mississippi. The company has completed a Bankable Feasibility Study for the site and secured a long-term lease. The first phase plans to produce 18,000 tonnes of Class 1 nickel annually, with commissioning targeted for 2029.

Westwin's 20-tonne-per-year demonstration plant in Lawton, Oklahoma has completed multiple production campaigns of on-spec Class 1 nickel powder using nickel carbonyl refining technology, the company said. Binding feedstock and offtake agreements are already in place to support production and revenue projected for the first phase, according to MINING.COM.

Westwin expects the project to create 134 full-time jobs in its first phase of commercial operations, at an average annual salary of approximately $84,000. CEO KaLeigh Long said in a news release: "The Natchez site gives us the capacity to produce American-made Class 1 nickel at scale."

Surge Battery Metals: Nevada North Prefeasibility Study Lands

Surge Battery Metals' Nevada North lithium project is projected to generate an after-tax NPV of $9.81 billion and a 24% internal rate of return, for a 4.2-year after-tax payback period. Those figures use an 8% discount rate and a lithium carbonate equivalent price of $24,000 per tonne, according to the prefeasibility study. Nevada North would require $2.77 billion in initial capital for its first stage, followed by another $2.35 billion to expand production.

The June 2025 preliminary economic assessment gave the project a $9.21-billion NPV, an IRR of 23% and a 4.7-year payback. Compared with the PEA, operating costs have dropped about 10% from $5,243 per tonne, and recovery has increased from 82.8% to 84.9%. Proven and probable reserves stand at 218.3 million tonnes grading 3,928 ppm lithium, for 4.56 million tonnes of lithium carbonate equivalent.

The company also tested a weaker price. At a $16,800 per tonne lithium price, 30% below the base case, Nevada North would still generate an after-tax NPV of $4.6 billion, the company says. Surge owns 68% of the Nevada North Lithium joint venture, with Australian gold producer Evolution Mining controlling the rest. First production is targeted for the second half of 2031.

Millennial Potash: Banio DFS Due by Year-End

Millennial Potash expects to complete a definitive feasibility study for its Banio potash project in southwest Gabon by the end of this year, chief executive Farhad Abasov told MINING.COM. That would put it on a path toward a potential final investment decision in early 2027. The company is aiming to reach financial close by mid-2027, with first production in 2029.

The US International Development Finance Corporation has already provided $3 million toward Banio's feasibility work and has expressed interest in financing construction, Abasov said. Millennial has not yet signed any offtake agreements and is looking for counterparties willing to provide financial support for development. The DFS is examining solution mining and could consider a larger operation than the 800,000 tonnes per year contemplated in the preliminary economic assessment.

Cambria Gold Mines: Premier Mill Restart Targeted for Late 2027

Cambria Gold Mines plans to recommission the 2,500-tonne-per-day Premier mill in northern British Columbia in the fourth quarter of 2027 and ramp it up through 2028. The company says $538 million (US$377.3 million) has been spent at the Premier complex since 2021. Then operating as Ascot Resources, it poured first gold at Premier in April 2024 but halted the mill five months later. Underground development had fallen behind, leaving too little material to sustain processing.

Cambria's updated feasibility study, delayed from the current quarter to the first half next year, is to set a revised mine plan, production schedule and restart cost. The company received a Fisheries Act authorization late last month, the final permit required to resume construction of the Red Mountain access road. It still needs major mine authorizations for both projects.

Cambria shares were unchanged at 77¢ apiece in mid-Monday trading, having fallen 74% over the past 12 months. Raymond James analyst Craig Stanley models commissioning in the first quarter of 2028, one quarter later than the company's target.

What It Means

Each project in today's roundup has cleared a step on paper, but none has yet secured the money or permits to build. Tanbreez has government approval but still needs activity-specific permits and financial security. Westwin has a feasibility study and a lease. Surge has a prefeasibility study and a first-production target of the second half of 2031. Millennial is looking for offtake and financing partners, and Cambria is waiting on a revised study and mine authorizations. Government-linked finance shows up in two of the stories: the US Export-Import Bank's uncommitted letter of interest for Tanbreez and the DFC's interest in Banio.

Markets were broadly firm. According to market data, the LIT lithium ETF closed at $70.13 in today's session, up 1.2% on the day, and the COPX copper miners ETF finished up 0.5%. Gold, by contrast, was down 1.0% versus the prior close at $4,139 per ounce, per Polygon data.

This roundup covers press releases published on October 5, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.