Bloomberg Talks: Critical Metals CEO Tony Sage Talks Rare Earth Minerals, Greenland
Date: January 23, 2026
Host: Bloomberg
Guest: Tony Sage, CEO and Executive Chairman, Critical Metals
Episode Overview
This episode delves into the critical role Greenland is beginning to play in the global rare earth minerals market. Tony Sage, CEO of Critical Metals, discusses his company's recent greenlight to start construction on a major facility in Greenland, the significance of rare earths for national security, the geopolitical pressures at play, and the innovative business and international partnerships shaping the future of mineral extraction and refinement.
Main Discussion Points & Insights
1. Political Environment and Local Response
- Greenland's Strategic Importance: The U.S. and Denmark are actively negotiating Greenland’s mining future due to its vast rare earth resources.
- Local Uncertainty: Sage notes unprecedented local protests reflecting anxiety about increased geopolitical activity and resource extraction.
- Quote [01:14] – “I've never seen a protest before... It does affect our staff in Greenland, it does affect the mentality for the uncertainty for them. But for us as a company, we're going, like I said, 100 miles an hour.” (Tony Sage)
2. Critical Metals’ Operations and Licensing
- License Details: Critical Metals has secured a 30-year license to extract up to 500,000 tons per year of rare earths.
- Resource Scale: The ore body holds about 4.7 billion tons, “which in effect would last a thousand years” (Tony Sage [02:14]).
- Focus on Heavy Rare Earths: Targeting minerals like terbium, hafnium, gallium, tantalum—vital for defense and high-tech industries.
- Quote [02:40] – “You cannot build an F35 fighter, you can't build a destroyer, nuclear power plants...so they're the ones that we're going to particularly concentrate on in Greenland.” (Tony Sage)
3. International Partnerships and Offtake Agreements
- 50/50 US-EU Split: The company has secured offtake agreements, splitting production evenly between the US and the EU, fully de-risking the project.
- Quote [03:57] – “We've decided to do 50% of the product to the US and 50% to the EU. So 100% of our offtake is now being taken up, which completely de risks the project.” (Tony Sage)
- US Financial Support: A $120 million, 14-year financing deal with the US Ex-Im Bank at just 1.9% interest, made possible by CHIPS Act and DPA funding requests.
- EU Engagement: The Romanian government is a significant partner, using existing nuclear reprocessing facilities.
4. Refining Process and Technology
- Refining in Romania, Saudi Arabia, and the US:
- Romania: Co-located with nuclear reprocessing.
- Saudi Arabia: Processing plant being established; product destined for the US.
- US: Utilizing Ucore (Louisiana) and Realis (Ohio) technologies for domestic refining.
- Quote [05:16] – “We're partnering with the Romanian government... We're using the same technology in Saudi Arabia… and we're using the Ucore technology... in Louisiana and... Realis technology... in Ohio.” (Tony Sage)
5. Greenland’s Resource Wealth and Challenges
- Untapped Potential: Greenland holds vast reserves beyond rare earths—iron ore, uranium, oil, gas—but many are currently unexploitable due to Denmark's regulations.
- Quote [06:33] – “There are trillions, literally trillions of dollars of material in Greenland... The potential is fantastic, but... current laws don’t let you exploit a lot of the material.” (Tony Sage)
- Unique Site Advantages: Their project is in southern Greenland, benefiting from a relatively mild climate.
Notable Quotes
- On Local Reaction and Focus:
- “I've never been operating in Greenland for 22 years. I've never seen a protest before. So they are very, very concerned. It does affect our staff in Greenland..." (Tony Sage, 01:14)
- On the Scale of the Resource:
- “We've got 4.7 billion tonne ore body which in effect would last a thousand years.” (Tony Sage, 02:17)
- On US-EU Strategy:
- “We've decided to do 50% of the product to the US and 50% to the EU. So 100% of our offtake is now being taken up, which completely de risks the project.” (Tony Sage, 03:57)
- On Refining Partnerships:
- “We partner with the Romanian government with their nuclear department... We're using the U core technology, they've got a plant in Louisiana, and we're using the Realis technology which is based in Ohio.” (Tony Sage, 05:16)
- On Greenland's Potential:
- “Greenland is a treasure trove. Unfortunately, a lot of those minerals and oil and gas aren't allowed to be exploited under the ruling of the Denmark control over Greenland.” (Tony Sage, 06:33)
Key Timestamps
- 01:14 – Tony Sage on local protests and company focus
- 02:14 – Details of Critical Metals’ license and strategy for rare earth extraction
- 03:29 – Breakdown of US financial support and international offtake deals
- 05:16 – Discussion of refining technology and locations
- 06:33 – Sage on the vast mineral wealth and legal challenges in Greenland
Tone and Style
The conversation is pragmatic and insightful, marked by Sage’s directness and optimism tempered with realism about geopolitical and local challenges. There is a focus on transparency about business operations and strategic partnerships, as well as on the complexities of resource extraction in a region under intense international scrutiny.
Summary prepared for listeners seeking an in-depth understanding of Greenland’s rare earth mining dynamics, with a focus on Critical Metals’ strategy, partnerships, and the geopolitical factors shaping this high-stakes industry.