Stock Track | Critical Metals Corp. Plummets 7.45% Intraday After Announcing $1.5B Saudi Joint Venture
Stock Track01-15 22:36
Critical Metals Corporation (CRML) saw its shares drop sharply by 7.45% during Thursday's intraday trading session, following the announcement of a $1.5 billion rare earth joint venture with a Saudi Arabian industrial conglomerate.
The partnership, disclosed just minutes before the decline, aims to develop a rare earth processing facility in Saudi Arabia. While the deal aligns with Saudi Vision 2030 and secures a long-term offtake partner for 25% of CRML's Tanbreez Project production, investors may have reacted to the scale of the investment or execution risks. The company clarified it retains 50% ownership without issuing equity or debt, but the market response suggests lingering concerns.
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