U.S. listed Critical Metals Corp has made it to the final shortlist of miners eyeing a multi-billion contract for the extraction of rare earths and niobium at Mrima Hill, Kwale County.

In a statement released on Tuesday this week, Nasdaq-listed Critical Metals said it is leading Mrima Earth Limited Consortium, which is one of three companies picked from a pool of seven miners seeking license to develop rare earths in Kenya's coast.

Mrima Hill, a key target of President Donald Trump's administration, is one of the largest deposit of rare earths minerals that are critical for electric mobility, defence and wind turbines.

"Mrima Hill is precisely the kind of world-class, strategically located asset we have built this company to pursue, and it sits perfectly alongside Tanbreez, further strengthening our Western-aligned rare earth strategy," explained Tony Sage, Chairman of Critical Metals.

He added: "We are deeply grateful to the Government of Kenya for the trust it has placed in us and our commitment of delivering lasting value for Kenya as this process moves into its final stage."

Mrima Hill logistical advantage

The deposit’s location offers direct access to the deep-water Port of Mombasa, a significant logistical advantage for export-oriented production.

Kenya's rare earths tender comes at a pivotal moment for the global critical mining industry. 

At the moment, China controls approximately 90 percent of global rare earth supply and has signaled it will increasingly prioritise domestic needs, while demand for rare earth magnets is projected to grow four to six times by 2040.

Critical Metals said it has assembled a consortium with substantial financial firepower. Together with ASX-listed European Lithium Ltd, which holds an approximate 31 per cent interest in Critical Metals, the group has a combined market capitalisation of approximately $1.5 billion and cash reserves exceeding $400 million, according to the company. 

The consortium says it is fully funded through both the project development stage and Phase 1 construction.

The consortium’s technical team brings experience from major global operations, including MP Materials’ Mountain Pass project in California, Pensana’s Longonjo project in Angola, and Peak Resources’ Ngualla project in Tanzania. 

Other bids from Australia’s RareX and Iluka Resources

Critical Metals interest extends across the full rare earth value chain, from concentrate production through to separated rare earth oxides and ultimately, NdPr magnets, the single most valuable product in the supply chain, currently dominated entirely by China.

Critical Metals’ bid faces competition from at least one other consortium. RareX and Iluka Resources have also advanced to the final stage, with their proposal anchored by Iluka’s Eneabba rare earths refinery in Western Australia, backed by a A$1.65 billion loan from the Australian government.

Mrima Hill has a long history of failed exploitation attempts due to complex geology, but recent advances in processing technology have revived interest in the deposit. 

Critical Metals said its accelerated development approach, combining parallel engineering, permitting and procurement, is designed to deliver earlier first production than a conventional timeline would allow.

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