European Lithium Executive Chairman Tony Sage talked with Proactive about the company’s newly signed term sheet via subsidiary Cromwell for a 50/50 joint venture with a Romanian state-owned partner. The agreement aims to support Europe's shift away from Chinese-controlled rare earth supply chains.
Sage explained that the EU welcomed the deal due to Tanbreez's location in Greenland, part of the Kingdom of Denmark. He said, “It's a fantastic opportunity now for the EU to rid itself of the Chinese dominance of rare earths.” Romania was selected due to existing nuclear rod reprocessing infrastructure, permitting advantages, and strong NATO ties.
The Tanbreez project hosts 4.7 billion tonnes of material, with plans to mine 500,000 tonnes annually under Greenland's existing permit. Sage noted the site’s coastal access simplifies logistics, though processing remains the key challenge. He added, “The mining part of the operation is the simple part. The more difficult part, obviously, is the processing.”
Sage also discussed European Lithium’s other assets, including the Wolfsberg project in Austria, a newly evaluated site in Ireland, and the large Dobra project in Ukraine. While the Ukraine asset remains on hold due to the ongoing war, he reaffirmed that the company holds $200 million in cash, no debt, and approximately $800 million in tradable Cromwell shares.
He concluded, “So you’re looking at $1 billion worth of assets, not including the Irish or the Ukraine assets. We believe it’s great value.”
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