Eclipse Metals’ Gronnedal rare earths project in Greenland has cemented its position as a potential key source of the high-value magnet elements, neodymium, praseodymium, dysprosium and terbium.

Import Bank is considering providing up to $120 million for a rare earths project by Critical Metals Corp. in Greenland, Reuters reported Sunday, citing a letter of interest.If approved, the loan would mark the first overseas investment in a mining project under the Trump administration and help ease US reliance on China for critical minerals,

Critical Metals Corp. (NASDAQ: CRML) has been tapped by the US Export-Import Bank (EXIM) for a loan worth up to $120 million to fund the company’s Tanbreez rare earth project in southern Greenland, as first reported by Reuters.