Namibia Critical Metals Inc. TSXV: NMI, OTCQ: NMREF) has filed an independent NI 43-101 pre-feasibility study for its Lofdal Heavy Rare Earths Project (Lofdal) in Namibia.
In a release on January 13, NCMI said the deposit has the potential for significant production of dysprosium (Dy), terbium (Tb) and yttrium (Y), which are the main economic drivers for the Lofdal project.
NCMI is developing the project in partnership with the Japan Organisation for Metals and Energy Security (JOGMEC), targeting a long-term, sustainable supply of heavy rare earths to the Asian nation.
SGS Bateman (Pty) Ltd of South Africa prepared the report on Lofdal, which is fully permitted and has a 25-year mining lease.
“The quality and depth of this Report reflect the work of SGS and a team of highly respected global experts. The Company extends its appreciation to all contributors for their professionalism, technical rigour, and dedication in delivering this comprehensive report,” said NCMI president, Darrin Campbell.
NCMI signed an agreement with JOGMEC in 2020 for them to jointly explore, develop, exploit, refine and or distribute mineral products from Lofdal. The agreement provides JOGMEC with the right to earn a 50% interest in the project by funding $20mn in exploration and development expenditures.
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