JOGMEC & Namibia Critical Metals Forge Ahead With The Lofdal Heavy Rare Earth Project

Namibia Critical Metals continues to advance the Lofdal Heavy Rare Earth project in Namibia with its JOGMEC joint venture partner. The project is projected to generate a life of mine nominal cash flow of USD$1.1 billion pre-tax over a 16-year mine life.

The company has commenced work towards delivering a Pre-Feasibility Study (PFS) for the significantly larger project “Lofdal 2B-4” within the next 12- 15 months with geotechnical drilling at both planned open pits started earlier this month. The Lofdal deposit has the potential for significant production of dysprosium and terbium, two of the most valuable heavy rare earth elements and is targeting to become a long term, sustainable supply of heavy rare earths.

“Our Joint Venture with JOGMEC has delivered tremendous results with a six-fold increase to our resource, securing a 25-year mining license, and delivering a very robust PEA. We firmly believe that Lofdal will be a globally significant source of heavy rare earths. We are extremely pleased to see our JOGMEC partners introduce our project to some of the large Japanese industrial partners that can accelerate development of Lofdal,” stated Darrin Campbell, President of Namibia Critical Metals.        The Lofdal Dysprosium-Terbium Project is the Company’s most advanced project being fully permitted with a Mining Licence (ML 200) issued in 2021. The project is being developed in joint venture with Japan Organization for Metals and Energy Security (JOGMEC).

JOGMEC is a Japanese government independent administrative agency which seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as a long
term, strategic partner in mineral projects globally. JOGMEC facilitates opportunities with Japanese private companies to secure supplies of natural resources for the benefit of the country’s economic development. Rare earths are of critical importance to Japanese industrial interests and JOGMEC has extensive experience with all aspects of the sector. JOGMEC provided Lynas with US$250,000,000 in loans and equity in 2011 to ensure supplies of the Light Rare Earths metals suite to the Japanese industry. Namibia Critical Metals owns a 95% interest in the Lofdal project with the remaining 5% held for the benefit of historically disadvantaged Namibians.