Namibia invests in rare metals
Namibia Critical Metals announced plans to invest approximately $7.8 million in a rare earth element project in Lofdal. The investment will fund research.
The program, conducted jointly with the Japan Oil, Gas and Metals National Corporation (JOGMEC), will evaluate the feasibility of separate production of light rare earth carbonate and heavy rare earth carbonate.
The strategy of Namibia Critical Metals is aligned with the goal of the Government of Namibia to expand local processing of essential minerals. Previously, no African project has announced the integrated production of rare earth metals or permanent magnets.
According to forecasts by the International Energy Agency, global demand for rare earths used in permanent magnets will grow by 25% by 2030 and by more than 80% by 2050 due to electric vehicles, wind energy and robotics.
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