Critical Metals said the Greenland government formally approved plans for the company's flagship Tanbreez mining project.

The approvals lay out how the mine will be built, operated and ultimately closed and rehabilitated over the next roughly 25 years, the mining company said Monday.

Shares of Critical Metals climbed 10%, to $7.76, in premarket trading Monday.

Critical Metals' mining plan sets out how the company will build and operate the mine, as well as processing facilities and supporting infrastructure projects. The company noted it received approval to extract 19 elements from the mine once operating permits are in place, including zirconium, hafnium and tantalum.

Additionally, Critical Metals' closure plan sets out how the site will be decommissioned and rehabilitated at the end of its life.

"Approval of the Mining and Closure Plans is a defining milestone for Tanbreez and for Critical Metals," Chief Executive Tony Sage said. "It gives us a clear framework through 2050 to responsibly develop one of the world's largest heavy rare earth deposits."

Looking ahead, Critical Metals said it will begin working to obtain operating permits for specific activities at the mine. The company plans to begin construction once the permits have been granted and the required financial security is in place.