Critical Metals buys €7.5M vessel to house workers in Greenland

Critical Metals Corp. (Nasdaq: CRML) has acquired the Ocean Endeavour, an ice-strengthened vessel built in 1982, for €7.5 million to serve as floating worker accommodation at its Tanbreez critical minerals project in Qaqortoq, Greenland, according to a company statement.

The 180-passenger ship has previously operated in Arctic and Antarctic environments and was most recently chartered by the Danish Defense to support NATO operations as floating accommodation in Nuuk, Greenland. The company plans to moor the vessel adjacent to the Tanbreez project site, a move that requires approval from the Government of Greenland.

Critical Metals said the vessel is intended to house project personnel while reducing demand on local hotel and housing capacity in Qaqortoq. The company also expects it to support regional transportation needs.

Chairman Tony Sage said in the statement: "Developing world-class critical minerals projects in remote regions requires innovative infrastructure solutions. The Ocean Endeavour provides us with a flexible, proven platform that will support our workforce, improve logistics, and enhance operational efficiency as we continue to progress our development activities in Qaqortoq."

The company stated it intends to engage local Greenlandic businesses for services including provisioning, waste management, and regional transportation in connection with the vessel's operation.

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