U.S. mining company Critical Metals Corp is among bidders that have been shortlisted to compete for the rights to develop Kenya's highly valuable Mrima Hill rare earth project in Kwale County.

🇰🇪 Breaking It Down

The company said on Thursday, July 23, that its Mrima Earth Limited Consortium had advanced to the final stage of the Kenyan government's competitive tender process.

If successful, the consortium plans to develop not only the Mrima Hill mine but also to support the country's ambition to become a regional mineral processing hub.

Mrima Hill is considered one of the world's largest undeveloped deposits of rare earth elements and niobium, which are used in electric vehicles, wind turbines, defence systems and other advanced technologies.

📌 What You Need to Know

In a statement, Critical Metals said the consortium is backed by other partners, including European Lithium Limited, giving it a combined market value of about Ksh194 billion to finance the project.

"Being shortlisted is a significant milestone for Critical Metals and our partners. Mrima Hill represents a world-class asset with the potential to deliver long-term value to Kenya and our shareholders," the company said.

According to the company, the project would follow a comprehensive development plan to produce minerals earlier and faster than under a traditional mining timeline.

The consortium also plans to process the minerals within the country instead of exporting them in raw form, increasing their value before they reach international markets.

Meanwhile, Australian mining company RareX, which has partnered with Iluka Resources in a separate consortium bidding for the same project, also said it believes it is well positioned to win the tender.

The company said it has been working on its proposal since 2022 and expects the government to announce the outcome during the coming quarter.

📰 Source: Kenyans.co.ke