Japan's JOGMEC bets on Lofdal heavy rare earths project in Namibia
(Kitco News) - Today, Namibia Critical Metals (TSXV:NMI) announced that its JV partner, Japan Oil, Gas and Metals National Corporation (JOGMEC) elects to move to Term 2 of Lofdal JV agreement with option to earn 40% interest in Lofdal heavy rare earths project in Namibia.
According to the statement, JOGMEC approves initial provision for an additional $2,063,000 budget for further development and metallurgical work through to July 31, 2021.
The Lofdal project is located 450 kilometers northwest of the capital city of Windhoek in the Kunene Region of north-western Namibia. The project area covers 314 square kilometers centered on the Lofdal carbonatite complex which hosts a large number of rare earth occurrences, including the Area 4 deposit and the Area 2B deposit. Mineralization in both deposits is dominated by xenotime, a heavy rare earths phosphate.
Lofdal is unique as one of only two primary xenotime projects under development in the world, the other project being Browns Range in Australia. The joint venture with JOGMEC is driven by Lofdal's potential to be a long term, sustainable supply of heavy rare earths for Japan, the company said.
President Darrin Campbell stated, "We are very encouraged by the results from our first year of exploration and development at Lofdal with our partner JOGMEC and are delighted with their decision to advance to Term 2. JOGMEC has been an exemplary technical and financial partner and has consistently demonstrated their intent to advancing the Lofdal project with the accelerated funding provided."
Namibia Critical Metals holds a diversified portfolio of exploration and advanced stage projects in Namibia. The two advanced stage projects in the portfolio are Lofdal and Epembe. The company also holds significant land positions in areas favourable for gold and base metal mineralization.