Namibia bans export of unprocessed critical minerals

Namibia Critical Metals

08/06/2023 18:00

WINDHOEK, June 8 (Reuters) - Namibia has banned the
export of unprocessed lithium and other critical minerals, the
government announced on Thursday, as it seeks to profit from
growing global demand for metals used in clean energy
technologies.
    The southern African country has significant deposits of
lithium, which is vital for renewable energy storage, as well as
rare earth minerals such as dysprosium and terbium needed for
permanent magnets in the batteries of electric cars and wind
turbines.
    "Cabinet approved the prohibition of the export of certain
critical minerals such as unprocessed crushed lithium ore,
cobalt, manganese, graphite and rare earth minerals," Namibia's
information ministry said in a statement.
    Only small quantities of the specified minerals would be
allowed, after approval by the mines minister, it said. 
    Namibia is one of the top global producers of uranium and
gem-quality diamonds, but its battery metals are attracting
growing interest as the world shifts away from polluting fuels
to renewable energy.
    Last year, Namibia signed an agreement to supply rare earth
minerals to the European Union under the bloc's plan to reduce
its reliance on China for critical minerals.
    Some firms with critical minerals projects in Namibia
include the Australia-listed Prospect Resources  PSC.AX ,
Arcadia Minerals  AM7.AX  and Askari Metals  AS2.AX . Celsius
Resources  CLA.AX  and Namibia Critical Metals  NMI.V  are
developing cobalt and rare earth projects, respectively.
    Another African lithium producer Zimbabwe banned lithium ore
exports last December, allowing only concentrates to be shipped
out. Zimbabwe has said it wants lithium miners operating in the
country to work towards producing battery-grade lithium locally
and could impose a tax on exports of lithium concentrate in
future.
    

 (Reporting by Nyasha Nyaungwa; Editing by Nelson Banya and
David Evans)
 ((Nelson.Banya@thomsonreuters.com;))