NEW YORK and WASHINGTON, November 10, 2022 /PRNewswire/ — GreenMet, a leading U.S. developer of sustainable supply chains for critical minerals and metals for United Stateshelped secure a $50 million investment by a division of Cerberus Capital Management, LP for the development of the Torngat Metals Ltd. rare earth project, one of the largest rare earth projects in the world, located at Strange Lake, Canada.
The rare earths project in the Torngat region of Eastern Quebec will be an important link in a new North American rare earths supply chain that will be critical to addressing electrification, defense and economic security priorities.
GreenMet, run by U.S. Army veterans and government officials, including Drew Horna former Special Forces commander who helped shape US strategic minerals policy while in the US government, is one of the world’s leading developers of responsible, sustainable and secure supply chains for minerals and metals critical to United Statesand helped identify and develop the Torngat investment opportunity.
“GreenMet, with Libra Group, an international business group and strategic investor in GreenMet, is developing supply chain projects like this around the world and we are proud of our role in initiating and collaborating on the Torngat Strange Lake project to help secure the America’s Clean Energy Future,“said the President and CEO of GreenMet Drew Horn. “This project will help reduce the United States’ dependence on foreign supply and processing capacity of critical minerals, making this investment crucial to America’s economy, defense, and energy security. North America.“
“I am honored to be part of the clean energy revolution in my role with GreenMet,” said Darrell Blocker, member of the board of directors of GreenMet. “After decades protecting America with government roles in national security and intelligence, including as a senior CIA officer in AfricaI am familiar with the capacity for global cooperation to meet the clean energy metals supply needs of the United States as we establish a North American supply chain essential not only for the transition to electrification, but also for our national security and our economic success.“
About Green Met
GreenMet (www.Greenmet.com) is a leading company that develops sustainable, reliable and secure supply chain infrastructure of critical minerals and metals to meet North America’s energy and technology needs. This includes the production of rare earth minerals and metals and the manufacture of key magnets, battery materials and green steel. GreenMet works with countries around the world and its U.S. partners to provide American leadership in the transition to a green energy future.
About Torngat Metals Ltd.
Torngat is a private company developing the Strange Lake Project in the Nunavik region of Quebec to provide a responsible, long-term supply of rare earths needed for many cutting-edge, low-carbon technologies, including electric vehicles and wind turbines. www.torngatmetals.com.
About Cerberus
Cerberus is a global leader in alternative investing with approximately $60 billion of assets in complementary credit, private equity and real estate strategies. www.cerberus.com.
SOURCE GreenMet
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