FOR IMMEDIATE RELEASE
Washington, D.C. – GreenMet is proud to highlight recent remarks made by its Founder and CEO, Drew Horn, during an interview with Greenland’s national broadcaster KNR. Horn’s comments come at a pivotal moment, following the U.S. Export-Import Bank’s (EXIM) issuance of a Letter of Intent (LOI) for up to $120 million in debt financing to support the Tanbreez rare earth project in southern Greenland, where GreenMet serves as the lead U.S. advisor.
Reflecting on the recent EXIM Bank LOI, Horn noted: “The letter of intent is very seminal. I think it will be a very productive and interesting summer. I expect that there will be more money from the U.S. government over the next two months in addition to this. At the same time, I expect additional funding in the course of the next month from other actors. We are also waiting for further announcements from the U.S. government in relation to supporting the project.”
Tanbreez is among the world’s largest known heavy rare earth element deposits and is uniquely positioned to supply strategic materials essential to clean energy and national security technologies. GreenMet has played a central role in advancing the project by securing U.S. government support and working with private capital partners. With permits in place and infrastructure plans underway, Horn stated the project is expected to begin demonstration production within 18 months, with full-scale commercial operations to follow soon after.
Horn stressed that all development efforts must proceed with the full support of the Greenlandic people and government, respecting local priorities and ensuring sustainable benefits for the community. GreenMet is committed to advancing projects the Greenlandic way—respecting the people, the land, and ensuring the long-term benefit of all projects to Greenland itself.
Addressing broader geopolitical dynamics, Horn added: “I no longer work for President Trump, but I have heard that the message is unity and support for the Greenlandic government as well as for the Danish and NATO allied governments. The concern, which may not have been fully understood, is that there are potential foreign threats against Denmark, Greenland and the United States, and that we need to cooperate and stand together.”
GreenMet continues to advise on multiple critical mineral and infrastructure projects across Greenland, including rare earths, graphite, and clean energy developments. Horn concluded that the alignment between Greenland’s natural resources and the urgent global demand for secure and sustainable supply chains presents a historic opportunity—and that GreenMet is honored to play a leading role in building those bridges.
Translated KNR Article: $120 million on the way from the US government to mining project
The day after the French president’s visit to Nuuk, KNR meets the man who is working to get the American state and private individuals to finance the mining sector and more in Greenland.
The U.S. government is expected to invest $120 million as a loan to the mining company Tanbreez, which has an extraction permit in Killavaat Alannguat, Kringlerne, north of Qaqortoq.
This is stated in a press release from the company Critical Minerals Corp, which owns 42 percent of Tanbreez. The loan from the U.S. export bank has not yet been approved. According to Reuters, the letter of intent requires that the project is “well-funded with sufficient equity from strategic investors”.
This is what it says about the loan in the press release from Critical Minerals Corp:
The American export bank, Exim, is considering investing up to $120 million in the form of a loan that must be repaid within 15 years.
The Tanbreez project is expected to cost up to $290 million, and the money from the U.S. export bank is expected to be spent on technical work so that the mine can come into production in 2026. It is expected that 85,000 tonnes of critical minerals will be produced per year.
The company Critical Minerals Corp expects to invest an additional $10 million in Tanbreez in 2025 to have the opportunity to increase its ownership in Tanbreez from 42 to 52.5 percent.
Tony Sage, director of Critical Minerals Corp, said the letter of intent from the export bank is a milestone for the rare earth supply chain, Western governments and investors, and to counter China’s dominance in the critical minerals market.
KNR has met the man who represents the private investors and is in contact with the White House about investments in Greenland — the director of GreenMet, Drew Horn.
“The letter of intent is very seminal. I think it will be a very productive and interesting summer. I expect a lot more money to flow out of the U.S. government – not just as loans, but also as grants.”
Money is flowing — soon
During Donald Trump’s previous term as president, Drew Horn was chief of staff for the Office of International Affairs at the U.S. Department of Energy and helped shape the administration’s Greenland policy.
At the end of May, Naaja Nathanielsen (IA), Minister of Mineral Resources, told the Financial Times that she wants European and American cooperation in the Greenlandic raw materials sector — otherwise third countries such as China could become an option.
Since then, the EU has stated that it will fund the GreenRoc project to study graphite extraction north of Nanortalik. And now the United States is following suit, says Drew Horn.
“I expect that there will be more money from the U.S. government over the next two months in addition to this. At the same time, I expect additional funding in the course of next month from other actors. We are also waiting for further announcements from the US government in relation to supporting the project.”
Naaja Nathanielsen (IA) tells KNR that the Government of Greenland has been working for a long time to get the EXIM bank as a source of financing in Greenland, and that the news is a step in the right direction. However, Tanbreez has not yet had their mining and decommissioning plan approved, which must be submitted and approved by December 31, 2025.
Is it GreenMet and your investors who provide collateral in relation to the loan from the US government?
“Yes, that’s the idea. The U.S. government will act as a security function that allows the private investors to come in and do the actual work. GreenMet and our investor group are looking for exactly the kind of opportunities where private investors are responsible for the investments and drive the project forward, but with the help and security of US authorities, so that the risk is reduced and the process is accelerated.
In addition, we will see mutual large institutional investments coming from places like New York, Washington D.C. and Palm Beach to promote these projects in a way that respects the Greenlandic approach.”
Not annexing but investing
According to Drew Horn, the White House has told him that they are very interested in investments in Greenland — especially with international partners.
“I no longer work for President Trump, but I have heard that the message is unity and support for the Greenlandic government as well as for the Danish and NATO allied governments. The concern, which may not have been fully understood, is that there are potential foreign threats against Denmark, Greenland and the United States, and that we need to cooperate and stand together.
I think the French visit is a good opportunity to clarify the message from the American side. We want to invest in and work together with Greenland, Denmark, France, the EU and NATO. Now is the time to collaborate and pool our resources.
I think the White House wants to send a signal about how much they want to support Greenland. As I said, the White House and the U.S. State Department want to make that message clear,” Drew Horn said.
The former Trump adviser expects the Tanbreez project to be in demonstration production within the next year or so, and that commercial production will soon follow suit.
“We are already in talks with major institutional partners in the US about commercial acquisition. We have a facility in Missouri that wants to buy this material, process it and quickly sell it on to the commercial market in the United States. Those talks are ongoing, and I think we’ll be able to announce those deals over the next few months as well.”
Drew Horn last visited Greenland at the end of April. Here he allegedly spoke with Naaja Nathanielsen about holding a ceremony in Nuuk.
“We hope to be able to hold a big ceremony to celebrate and promote our work together with the Greenlandic government – hopefully in July or August.”
Green Mines
According to the Government of Greenland’s raw materials strategy, new mines must demonstrate a plan for social, environmental and economic sustainability. KNR spoke to an expert back in February, who told us that nature is always destroyed to some extent when mines are opened.
But Drew Horn is confident that his partners can make the mine in Tanbreez as nature-friendly as possible by using the latest technology.
“I fully understand the concern about doing damage to nature. I feel the same way. I live in the state of West Virginia, where we have long had mining close to our home. It’s no longer like when my great-grandfather went to the coal mine as a six-year-old with a pickaxe in his hand,” he says.
In addition, he elaborates that he expects the extraction and processing of the raw materials to have almost no environmental impact.
“I know it sounds too good to be true. But I want to prove that it is real.”
How will the local population see the effect of the mine: Are you planning new infrastructure?
“That is the goal. We want to bring infrastructure, jobs and capital that can support schools, health care and everything else. But we will do it in the Greenlandic way. But it must be a decision that is led by the Greenlandic people and the Government of Greenland.
Our role as American developers is to offer different options for the Greenlandic population to choose from.”
Contact:
Sabrina Katz
Email: skatz@greenmet.com
Phone: (202) 525-1744
About GreenMet:
GreenMet acts as a vital American conduit between private capital, government, and critical mineral innovation. The firm is uniquely positioned to represent and advance private sector interests that strengthen U.S. supply chains for critical minerals, ensuring reliability and continuity from mine to manufacturing. GreenMet’s insights and guidance help clients navigate the evolving landscape of critical mineral development. Learn more at greenmet.com.
###