Highlights

• Romania's strategic rare earth processing facility at Feldioara has drawn scrutiny following reports questioning the ownership structure of U.S. partner Critical Metals Corp.
• Critical Metals Corp. may be indirectly controlled by Romanian businessman Frank Timiș through European Lithium.
• The joint venture between state-owned Nuclearelectrica's FPCU and Critical Metals aims to process up to 50% of output from Greenland's Tanbreez project.
• The venture positions itself as a Western alternative to China's dominance in rare earth refining.
• Critical Metals is publicly traded with institutional investors including BlackRock and Vanguard.
• European Lithium holds approximately 50% ownership and substantial control over Critical Metals.
• This raises transparency concerns for a project framed as strategic European infrastructure.

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Romania’s plans to establish a rare earth processing facility at Feldioara have drawn heightened scrutiny following Romanian media reports questioning the ownership and control of the project’s U.S. partner. The initiative—presented by Romanian officials as a strategic step toward reducing Europe’s dependence on China for rare earth processing—is based on a non-binding agreement between state-owned Nuclearelectrica and Critical Metals Corp. (opens in a new tab) (NASDAQ: CRML), a U.S.-registered critical minerals developer.

According to reporting by Economica.net (opens in a new tab), citing Newsweek Romania, Critical Metals may be indirectly controlled by Romanian-born businessman and mining magnate Frank Timiș through a complex corporate structure involving European Lithium (opens in a new tab), a Frankfurt-listed company that holds a substantial stake in Critical Metals. While no official filings publicly confirm ultimate beneficial ownership, the reporting has raised questions around transparency, governance, and alignment with the project’s stated geopolitical objectives, particularly given the strategic framing of the project as a Western alternative to China’s dominance in rare earth refining.

The Feldioara Project: What Is Known

The proposed joint venture involves Critical Metals and Fabrica de Prelucrare a Concentratelor de Uraniu S.R.L. ( (opens in a new tab)FPCU), the uranium concentrate processing facility at Feldioara, which is fully owned by Nuclearelectrica. Public statements indicate plans to build and operate a rare earth processing plant within the European Union, explicitly positioned as a competitor to China’s long-standing control over global rare earth refining.

The facility is expected to process, on a long-term basis, up to 50% of the rare earth concentrate output from the Tanbreez project in Greenland, which Critical Metals describes as one of the world’s largest rare earth deposits. Romanian officials have framed the project as part of a Western-aligned, integrated supply chain serving industrial, energy, and defense applications—an ambition that reflects the reality that rare earth refining remains the primary bottleneck controlled by China.

Ownership of Critical Metals

Critical Metals Corp. is a publicly traded company with a diverse shareholder base, but its foundation and control stem from European Lithium, which emerged as the dominant shareholder following its 2024 merger with a U.S. SPAC (Sizzle Acquisition Corp.). (opens in a new tab) European Lithium initially held roughly 80% of CRML shares and, despite subsequent sell-downs, remains the largest shareholder with approximately 50% ownership, giving it substantial influence over governance and strategy.

Beyond European Lithium, CRML’s shareholders include institutional investors such as BlackRock, Driehaus Capital Management, Morgan Stanley, Nuveen, State Street, Geode Capital, AQR, and Vanguard, each holding relatively small positions. Institutional ownership is estimated at around 10%, with the remainder held by retail investors and insiders.

Separately, Critical Metals has attracted government-linked strategic interest. In late 2025, the company entered a 50/50 joint venture with Romania’s FPCU, granting long-term offtake rights tied to the Tanbreez project. Additionally, Reuters reported in October 2025 that the U.S. government was in discussions to potentially acquire a minority stake in CRML through a Defense Production Act–related investment—though no transaction has been finalized.

Bottom Line

Critical Metals Corp. remains a publicly listed company with diversified ownership, but control flows through European Lithium, making transparency around that entity’s ultimate ownership central to investor and policy analysis. As Romania positions Feldioara as strategic European infrastructure, clarity around governance, financing, and control will be as important as geology or processing capacity.

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