Namibia Critical Metals secures key environmental approval for Lofdal Heavy Rare Earth Project
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2024-10-21
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Namibia Critical Metals Inc. has announced the renewal of its Environmental Clearance Certificate for mining activities on Mining License 200, covering the Lofdal Heavy Rare Earth Project.This certificate permits the Company to carry out exploration, processing, and mining activities on its Lofdal tenement and is valid until September 2027.The Company is also pleased to report significant progress in its Pre-Feasibility Study (PFS) for the expanded ‘Lofdal 2B-4’ project. The scope of the PFS has been broadened to include sorting test work using recently advanced XRF and XRT sorting technologies, which aim to upgrade lower-grade run-of-mine material.Additionally, the Company is conducting trade-off studies on electricity supply, assessing various combinations of photovoltaic, battery, and diesel backup options, grid connection, and electricity generation from an on-site acid plant.These studies are focused on optimizing a sustainable power supply for the mining operation. The PFS is expected to be completed by Q1 2025.Darrin Campbell, President of Namibia Critical Metals, commented: “We are very pleased to receive the environmental clearance certificate as the pre-feasibility study for the new large mine project Lofdal 2B-4 is near completion, which will be followed by increasing ground activities at Lofdal.“I am also very excited about the opportunities we see with the significantly advanced sorting technologies which have recently improved due to the introduction of AI applications. These technologies may help to bring lower-grade material back into the processing stream.“This is important from a sustainability point as the currently regarded ‘stockpile’ material below the cut-off point for the planned flotation plant makes up about a third of the mined mineralised material.”Namibia Critical Metals Inc. is developing the Tier-1 Heavy Rare Earth Project, Lofdal, one of the world’s most significant deposits of dysprosium and terbium. These critical metals are essential for producing permanent magnets used in electric vehicles, wind turbines, and other advanced electronics.The rising demand for such metals is driven by global energy and technology transformations. With growing concerns about the geopolitical risks of sourcing these metals, Namibia offers a stable and proven mining jurisdiction. The Lofdal Project is fully permitted with a 25-year Mining License and is operated under a Joint Venture agreement with the Japan Organization for Metals and Energy Security (JOGMEC).Joint Venture with Japan Organization for Metals and Energy Security (JOGMEC)JOGMEC is an independent Japanese government agency tasked with securing stable resource supplies for Japan. It has a strong reputation as a long-term strategic partner in mineral projects worldwide. JOGMEC facilitates partnerships between Japanese companies and international projects to ensure a steady supply of natural resources for Japan’s economic growth.Rare earth elements are critical to Japan’s industrial needs, and JOGMEC has extensive experience in this sector. In 2011, JOGMEC supported Lynas with $250m in loans and equity to ensure the supply of Light Rare Earth metals to Japan.Namibia Critical Metals owns 95% of the Lofdal Project, with the remaining 5% held for the benefit of historically disadvantaged Namibians. Under the terms of the Joint Venture agreement, JOGMEC committed to providing C$3m in Term 1 and C$7m in Term 2 to earn a 40% interest in the project. In Term 3, JOGMEC will provide an additional C$10m to increase its stake by 10%.JOGMEC also has the option to purchase an additional 1% for C$5m and retains the first right of refusal to fully fund the project through to commercial production. JOGMEC may also purchase all production at market prices. Namibia Critical Metals and its Namibian partners retain a minimum 26% carried working interest, protected from dilution upon a C$5m payment to JOGMEC. NMI may elect to participate with up to a 44% interest by funding its share after the earn-in period is completed.To date, JOGMEC has completed Term 2 and earned a 40% interest by meeting the C$10m expenditure requirement. Approved project funding now totals C$14.54m, out of the C$20m required for JOGMEC to achieve a 50% interest.
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