Mining licence issued for the Lofdal heavy rare earth project in Namibia
(Kitco News) - Namibia Critical Metals (TSXV:NMI) today announced that the Mining Licence (ML 200) has been issued for the Lofdal heavy rare earth dysprosium-terbium project by the Republic of Namibia Ministry of Mines and Energy.
The Mining Licence is valid for a 25-year period through to May 10, 2046 and is issued to the company's 100% owned subsidiary, Namibia Rare Earths (Pty) Ltd. Lofdal is a joint venture between the company and Japan Oil, Gas and Metals National Corporation ("JOGMEC").
President Darrin Campbell stated, "This is an incredibly important milestone and achievement for the Lofdal project, the company and for the Republic of 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".
The company said that 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. The joint venture with JOGMEC is driven by Lofdal's potential to be a long term, sustainable supply of heavy rare earths for Japan.
Namibia Critical Metals holds a diversified portfolio of exploration and advanced stage projects in Namibia focused on the development of sustainable and ethical sources of metals for the battery, electric vehicle and associated industries. The two advanced stage projects in the portfolio are Lofdal and Epembe. The company also holds significant land positions in areas favourable for gold mineralization.