Namibia Critical Metals Inc. (NCMI) says its joint venture partner, the Japan Oil, Gas and Metals National Corporation (JOGMEC), has approved an additional N$7 million (C$ 550,000) budget for JOGMEC’s fiscal year ending March 31, 2025.
NCMI is a Canadian exploration and development company focused on advancing its high-grade Lofdal Heavy Rare Earth Project in Namibia.
The additional funding brings JOGMEC’s total expenditure commitments to N$193 million (C$15,091,000).
This comes as the company announced results of the hydrometallurgical scale-up and mini pilot plant test work leading to the production of a high-purity rare earth element (REE) carbonate product for its Lofdal 2B-4 heavy rare earth (HREE) project.
“We are very pleased to have successfully completed the pilot-scale hydrometallurgical test work for our PFS Lofdal 2B-4. SGS again demonstrated their ability to innovatively modify the flow sheet, resulting in further simplification and reduced reagent consumption,” said the President of Namibia Critical Metals, Darrin Campbell.
He further explained that SGS Lakefield had demonstrated its ability to modify the flow sheet, resulting in further simplification and reduced reagent consumption.
He added that the detailed results would now be evaluated by their engineering and financial team and would form the basis of the PFS report expected later this year.
“The detailed results will now be evaluated by our engineering and financial team and will form the basis of the PFS report expected later this year as we work to mitigate increased inflationary costs from our November 2022 PEA,” he said.
NCMI is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium.
The Lofdal Project is fully permitted with a 25-year mining license and is under a joint venture agreement with the Japan Organisation for Metals and Energy Security.
JOGMEC is a Japanese government independent administrative agency that seeks to secure stable resource supplies for Japan.
JOGMEC facilitates opportunities with Japanese private companies to secure supplies of natural resources for the benefit of the country’s economic development.
JOGMEC provided Lynas with N$ 4 billion (US$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.
