Namibia Critical Minerals Inc. has amended its agreement with the Japan Organisation for Metals and Energy Security to secure additional funding for the Lofdal heavy rare earths project.
Under the revised deal, Jogmec will contribute an extra N$37 million to help finance a definitive feasibility study, the final stage before a mining company decides whether to proceed with development. Namibia Critical Minerals president Darrin Campbell said the added support would help position Lofdal for project financing and future development decisions.
The Lofdal project, which holds a 25-year mining licence, is expected to produce heavy rare earth metals used in high-performance magnets for renewable energy technologies. Toyota Tsusho Corporation, part of the Toyota Group, said it will join the project as part of Jogmec’s ownership.
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