Business
Namibia Critical Metals Terminates Transaction with Sylla Gold Corp.
HALIFAX, NS / ACCESSWIRE / July 23, 2024 / Namibia Critical Metals Inc. ("Namibia Critical Metal...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals Terminates Transaction with Sylla Gold Corp. HALIFAX, NS / ACCESSWIRE / July 23, 2024 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NCMI\") (TSXV:NMI)(OTCQB:NMREF) announces that it has mutually terminated the share purchase agreement with Sylla Gold Corp. (\"Sylla\") to divest four non-material gold properties located in Namibia as announced on March 19, 2024 and updated on June 13, 2024.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 manufacturers and end users. Namibia is a proven and stable mining jurisdiction. The Lofdal Project is fully permitted with a 25-year Mining License and is under a Joint Venture agreement with Japan Organization for Metals and Energy Security (JOGMEC).About Japan Organization for Metals and Energy Security (JOGMEC) and the JVJOGMEC is a Japanese government independent administrative agency which seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as a long term, strategic partner in mineral projects globally. JOGMEC facilitates opportunities with Japanese private companies to secure supplies of natural resources for the benefit of the country's economic development.Rare earth elements are of critical importance to Japanese industrial interests and JOGMEC has extensive experience with all aspects of the sector. JOGMEC provided Lynas with USD$250,000,000 in loans and equity in 2011 to ensure supplies of the Light Rare Earths metals suite to the Japanese industry.Namibia Critical Metals owns a 95% interest in the Lofdal project with the remaining 5% held for the benefit of historically disadvantaged Namibians. The terms of the JOGMEC joint venture agreement with the Company stipulate that JOGMEC provides C$3,000,000 in Term 1 and C$7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a further C$10,000,000 of expenditures to earn an additional 10% interest....