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Namibia Critical Metals Partner JOGMEC Accelerates Funding for Development of Lofdal Heavy Rare Earths Project
HALIFAX, NS / ACCESSWIRE / January 25, 2024 / Namibia Critical Metals Inc. ("Namibia Critical Me...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals Partner JOGMEC Accelerates Funding for Development of Lofdal Heavy Rare Earths ProjectHALIFAX, NS / ACCESSWIRE / January 25, 2024 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NCMI\") (TSXV:NMI)(OTCQB:NMREF) is pleased to report that its joint venture partner, JOGMEC, has approved an additional $1,250,000 in funding, bringing the total budget for the period until March 31, 2024, to $13,050,000.Darrin Campbell, President of Namibia Critical Metals expressed his satisfaction, stating:\"We are extremely pleased with the continued strong support of our partner, JOGMEC. This accelerated funding will allow us to complete pilot plant hydrometallurgical test work as well as other important technical studies to finalize our pre-feasibility study for the large-scale Lofdal 2B-4 project. The milestones achieved by our dedicated technical teams in 2023 in drilling and beneficiation have been clearly recognized as outstanding by our partners.This increased budget underscores the confidence and commitment shared by NCMI and its partner JOGMEC. By injecting additional funds, the joint venture aims to fast-track the progression of crucial projects, ensuring timely execution and achieving key milestones ahead of schedule.With the accelerated commencement of the pilot plant hydrometallurgical test work, NCMI intends to leverage advanced technologies and innovative methodologies to optimize processes and enhance the efficiency of mineral extraction and refining. Parallel technical studies will be conducted to support the ongoing pre-feasibility study, fostering a comprehensive understanding of the mining potential of Lofdal and paving the way for future success.NCMI's impressive achievements in exploration and pioneering beneficiation have laid a solid foundation for the company's continued growth. Recognizing this success, NCMI's partnership with JOGMEC demonstrates the shared vision to capitalize on the immense potential of Lofdal and unlock significant value.\"About Namibia Critical Metals Inc.NCMI is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium. Demand for these critical metals used in permanent magnets for electric vehicles, wind turbines and other electronics is driven by innovations li...