Lofdal project gets green light
Namibia Critical Metals recently announced that the Ministry of Mines and Energy has issued a 25-year mining licence for its Lofdal heavy rare earth joint venture.
The licence for the Lofdal Heavy Rare Earth Dysprosium-Terbium Project is valid until 10 May 2046 and is issued to Namibia Critical Metals’ 100% owned subsidiary, Namibia Rare Earths.
Certain conditions of the license are that there be a minimum 20% representation of historically disadvantaged Namibians in the management structure, including the board of the applicant holding the license and that at least 5% of the voting shares in the applicant be held
by historically disadvantaged Namibians.
The company has initiated the re-structuring of the management and shareholdings of its Namibian subsidiary to comply with these conditions.
Darrin Campbell, President of Namibia Critical Metals said this is an important milestone and achievement for the Lofdal project, for the company and for Namibia.
“We have reached another significant value inflection point following closely on the heels of our Mineral Resource Update announced earlier this year in May. With the previously announced receipt of the Environmental Clearance Certificate for Lofdal on June 30, 2021, we now have a fully-permitted mining project at Lofdal,” Campbell said.
Lofdal is unique as one of only two primary xenotime projects under development in the world. The deposit has the potential for significant production of dysprosium and terbium, the two most valuable heavy rare earths used in high powered magnets.
Lofdal is a joint venture between Namibia Critical Metals and Japan Oil, Gas and Metals National Corporation (JOGMEC). The joint venture with JOGMEC is driven by Lofdal’s potential to be a long-term, sustainable supply of heavy rare earths for Japan.