Advanced Namibian rare earth project targets 2026 production
By Freeman ya Ngulu.
According to a mining investor, Namibia’s Broadmind Mining expects its Eisenberg rare earth minerals project to begin production in 2026, as the country seeks to capitalize on rising demand and prices for so-called rare earth minerals, that are key components in the global shift to cleaner energy alternatives.
Broadmind Mining’s executive chairman, Sidney Martin, said in an interview with Reuters that the company had begun assessing the economic viability of the Eisenberg deposit, which reportedly has an inferred resource of 570 million tonnes of rare earth minerals such as neodymium, praseodymium, yttrium, and cerium.
Namibia has substantial proven reserves of rare earths like terbium and dysprosium, used for permanent magnets in electric car batteries and wind turbines.
“Everyone is looking for rare earth minerals to benefit their economies. With this resource, Namibia will become a critical player between two superpowers – America and China,” Martin said in the interview.
China accounts for about 90% of global rare earth mineral output and Western nations are seeking to diversify sources of the metals.
In October 2022, the Minister of Mines and Energy, Hon Tom Alweendo said the country had agreed a deal to sell rare earth minerals to the European Union, as part of the EU’s short term strategy to reduced its dependence on Russian energy.
In another rare earth project, Namibia Critical Metals, listed in Canada, is in a joint venture with the Japanese state Oil, Gas and Metals National Corporation to develop the well-known Lofdal deposit in Kunene. This advanced rare earth project is particularly attractive for its proven high yields of Yttrium.
Photograph by Broadmind Mining