NEW YORK and WASHINGTON, Nov. 10, 2022 /PRNewswire/ — GreenMet, a leading US-based developer of sustainable supply chains for critical minerals and metals for the United States, has helped secure a $50 million dollar investment from a division of Cerberus Capital Management, L.P. for the development of Torngat Metals Ltd. rare earth project, one of the world’s largest rare earth projects, located in Strange Lake, Canada.

The rare earth project in the Torngat region of Eastern Quebec will be an important link in a new North American rare earth supply chain that will be essential to meeting electrification, defense, and economic security priorities.

GreenMet, led by former combat veterans of the US Army and public servants, including Drew Horn, a former Special Forces Commander who helped devise US strategic minerals policy while in the US government, is a leading global developer of responsible, sustainable, and secure supply chains for critical minerals and metals for the United States, and helped identify and develop the investment opportunity in Torngat.

“GreenMet, along with Libra Group,an international business group and strategic investor in GreenMet, is developing supply chain projects like this one throughout the globe and we are proud of our role in the initiation and collaboration of the Torngat Strange Lake project to help secure America’s clean energy future,” said GreenMet President & CEO Drew Horn. “This project will help reduce U.S. dependency on foreign critical mineral supply and processing capability, making this investment crucial for North American economic, defense, and energy security.”

“I am honored to be a part of the clean energy revolution in my role with GreenMet,” said Darrell Blocker, GreenMet Board Director. “After decades protecting America with government roles in national security and intelligence, including as the lead CIA officer in Africa, I know well the capability for global cooperation to tackle the supply needs for clean energy metals in the US as we establish an essential North American supply chain not just for the transition to electrification, but for our national security and economic success.”

GreenMet (www.Greenmet.com) is a leading business developing the infrastructure for sustainable, reliable, and secure supply chains of critical minerals and metals to meet North American energy and technology needs. This includes the production of rare earth minerals & metals, and manufacturing of key magnets, battery material, and green steel. GreenMet is working with nations around the globe and its US partners to ensure US leadership in the transition to a green energy future.

Torngat is a private company developing the Strange Lake project in the Nunavik region of Québec to provide a long-term responsible supply of rare earths required for many high-tech and low-carbon technologies, including electric vehicles and wind turbines.  www.torngatmetals.com.

Cerberus is a global leader in alternative investing with approximately $60 billion in assets across complementary credit, private equity, and real estate strategies. www.cerberus.com.