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Namibia Critical Metals Signs MOU with Copenhagen Atomics for Thorium Offtake at Lofdal
HALIFAX, NS / ACCESSWIRE / July 3, 2024 / Namibia Critical Metals Inc. ("Namibia Critical Metals...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals Signs MOU with Copenhagen Atomics for Thorium Offtake at LofdalHALIFAX, NS / ACCESSWIRE / July 3, 2024 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NCMI\") (TSXV:NMI)(OTCQB:NMREF) is pleased to announce that on July 3, 2024, it has signed a non-binding, non-exclusive Memorandum of Understanding (MoU) with Copenhagen Atomics A/S (\"CA\") to sell thorium produced from the Lofdal Heavy Rare Earth Project.Key HighlightsThe MOU provides the framework for the parties to negotiate a binding commercial offtake agreement for the supply of thorium from the Lofdal Project.Annual production of thorium oxide from the Lofdal project is expected to be about 100 tonnes in full production.Provides an additional potential revenue stream from a waste product for NCMI.The parties intend to move forward and outline a conditional purchase order with a given quantity, delivery date and quality, which CA will submit to NCMI before Jan 2025.The MOU will be effective for 12 months from date singing, unless terminated by written notice by either party.Darrin Campbell, President of Namibia Critical Metals, stated:\"We are very pleased to provide this opportunity to our shareholders and JOGMEC partner to provide a new potential revenue stream from a radioactive product that was planned to be put back into tailings.\"About Copenhagen AtomicsCA is a private technology company, started in 2014, who has developed a thorium molten salt reactor, which is scheduled for mass manufacturing. CA expects to have their first operational reactor in 2027 and start commercial deployment in 2029. The company has developed a number of new technologies to support molten salt reactors. CA also supplies other fusion and fission companies with components and fuel salt products, to help the global nuclear industry to reach its full potential.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 linked to energy and technology transformations. The geopolitical risks associated with sourcing many of these metals has become a repeated concern for manufa...