Critical Metals Corp buys Ocean Endeavour for EUR7.5M to accommodate 300 workers at its Tanbreez rare earth project in Greenland.
Critical Metals Corp has purchased the former expedition cruise ship Ocean Endeavour for EUR7.5 million (US$8.5 million) to house about 300 workers at its Tanbreez rare earth project in Greenland, reported Fort Lauderdale's Maritime Executive.
The Nasdaq-listed company stated that the vessel, built in Poland in 1982 as a Soviet passenger ferry, will provide flexible accommodation for its workforce, easing pressure on the limited hotel and tourism infrastructure in Qaqortoq and the surrounding region.
The 12,900 gross ton ship, originally named Konstantin Simonov, has changed ownership several times and was converted to a cruise ship in the early 2000s. It was outfitted for polar cruising in 2015 and was chartered earlier this year by the Danish Defence to house troops during the Arctic Endurance exercise.
Chairman Tony Sage remarked that the ice-strengthened vessel offers a proven platform to support year-round operations in Greenland, improving logistics and efficiency while reducing strain on local facilities. He added that the acquisition strengthens the company's ability to pursue long-term growth in a sensitive region.
Critical Metals acquired control of the Tanbreez project in 2024, which is considered one of the world's largest undeveloped rare earth deposits. The site contains heavy rare earth elements vital for defense, clean energy transition, and advanced technologies.
