Namibia Critical Metals Secures $1.154 Million Boost for Rare Earths Project. Namibia Critical Metals Inc. (NCMI) has received an additional $1.154 million from its joint venture partner, Japan Organization for Metals and Energy Security (JOGMEC). This extra funding will help advance the Lofdal Heavy Rare Earths Project, bringing the total project budget to $13.05 million.
The Lofdal project is focused on mining rare earth elements like dysprosium and terbium, which are crucial for making electric vehicles, wind turbines, and other modern technologies. With global demand for these materials rising, Lofdal could play an important role in the supply chain.
The extra investment will go toward testing a pilot plant and completing technical studies. These are necessary steps before finalizing the pre-feasibility study for the Lofdal 2B-4 project. NCMI President Darrin Campbell expressed excitement about JOGMEC’s continued support, saying it will help move the project forward efficiently.
Namibia Critical Metals owns 95% of the Lofdal project, while 5% is set aside for historically disadvantaged Namibians. JOGMEC has already invested over C$10 million, securing a 40% stake in the project. They aim to invest another C$10 million to increase their stake to 50%.
Lofdal is fully permitted with a 25-year mining license. In 2022, a financial assessment valued the project at USD $391 million after taxes, with a 16-year mine life. With ongoing investment and growing demand for rare earths, the project is well-positioned to contribute to the global shift toward green energy and advanced technology.