Namibia Critical Metals Advances Lofdal Joint Venture as Japan Secures 50% Stake

Highlights

• JOGMEC and Toyota Tsusho have completed C$23 million in expenditures to earn a 50% interest in the Lofdal Heavy Rare Earth Project in Namibia.
• A December 2025 Pre-Feasibility Study projects annual output of 119 tonnes of dysprosium oxide, 18 tonnes of terbium oxide and 841 tonnes of yttrium oxide over a 13-year mine life.
• Total development costs are estimated at US$348 million, far exceeding Japan's earned-interest investment, with no confirmed financing or construction start date.
• The ownership transfer to joint venture vehicle TJ Namibia Rare Earths Corporation remains pending shareholder and regulatory approvals as of October 2026.
• JOGMEC holds contractual rights of first refusal to finance commercial development and purchase production, offering Japan strategic optionality without guaranteeing supply.