Critical Metals Corp., a critical minerals company headquartered in New York, has signed a non-binding term sheet to form a 50/50 joint venture with Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company (TQB), a 75-year-old industrial conglomerate based in Saudi Arabia.
The partnership aims to establish a state-of-the-art rare earth processing facility in the Kingdom, creating a fully integrated mine-to-processing supply chain and securing long-term offtake rights for 25% of the Tanbreez Project’s rare earth concentrate production.
The facility will produce separated rare earth oxides, metals, and downstream products, including magnet-grade materials for aerospace, defense, and advanced industrial applications. All finished materials are planned for shipment to the United States to support the country’s defense industrial complex, strengthening supply chain security for Western-aligned markets.
Tony Sage, Chairman of Critical Metals Corp., said, “This agreement represents a transformational milestone for Critical Metals Corp. By partnering with a leading Saudi Arabian industrial group and securing long-term offtake that brings Tanbreez to 100% committed production, we have effectively de-risked the project’s commercial pathway from mine to market. The establishment of an integrated processing platform in Saudi Arabia not only diversifies global rare earth processing capacity beyond China but also strengthens supply chain security for allied nations across Europe, the Middle East, and beyond. This transaction positions CRML as a cornerstone supplier of critical minerals essential to advanced manufacturing, energy transition technologies, and national security applications for decades to come.”
Under the JV framework, CRML will retain its 50% ownership interest on a carried-interest basis, without issuing equity or incurring debt for the construction of the processing facility. The partnership ensures 100% of Tanbreez production is now under long-term offtake agreements, providing full revenue visibility and supporting allied markets. A jointly governed development committee will oversee engineering, construction, commissioning, and market entry for the processed products.
Abdulmalik Tariq Al-Qahtani, CEO of TQB, commented, “Following the successful official visit of His Royal Highness Prince Mohammed bin Salman to the United States, we are pleased to announce the signing of a Memorandum of Understanding focused on cooperation in the development of critical materials. Critical materials—sourced from strategically important regions including Greenland and other resource-rich jurisdictions—form the foundation of modern technologies across energy, advanced manufacturing, artificial intelligence, defense, and data infrastructure. Securing diversified and resilient supply chains for these materials is essential to long-term technological progress.”
CRML and TQB will now work together to finalise the technical, commercial, and regulatory foundations of the JV, including plant design, development timelines, product specifications, and commercialisation strategy. The initiative is a major step toward diversifying rare earth processing capacity, reducing reliance on China, and strengthening global supply chain resilience.
Critical Metals partners with Saudi group on rare earth facility
