Critical Metals Corp Forms Joint Venture for Rare Earth Processing

Critical Metals Corp's stock fell 6.06% as it crossed below the 5-day SMA amid strong gains in the broader market, with the Nasdaq-100 up 1.35% and the S&P 500 up 1.08%.

The company has signed a non-binding term sheet with TQB to form a 50/50 joint venture aimed at constructing a rare earth processing facility in Saudi Arabia. This venture is expected to enhance supply chain security and expand non-Chinese global processing capacity. Additionally, 25% of the Tanbreez Project's rare earth concentrate production will be supplied to Saudi Arabia, ensuring a stable raw material supply for the U.S. defense industrial complex.

This joint venture positions Critical Metals Corp strategically within the critical minerals market, potentially increasing its competitiveness and market share in the growing demand for rare earth elements, especially in defense applications.