Namibian rare earth minerals project targets 2026 production

Namibia Critical Metals

16/12/2022 08:48

WINDHOEK, Dec 16 (Reuters) - Namibia's Broadmind Mining
expects its Eisenberg rare earth minerals project to start
production in 2026, an official said on Friday, as the country
seeks to profit from growing demand driven by a global shift
towards clean energy technologies.
    The southern African country has significant reserves of
rare earth minerals such as dysprosium and terbium, which are
needed for permanent magnets in the batteries of electric cars
and wind turbines.
    Sidney Martin, executive chairman of the privately-owned
Broadmind Mining, told Reuters the company had started assessing
the economic viability of the Eisenberg deposit, which has an
inferred resource of 570 million tonnes of rare earth minerals
including neodymium, praseodymium, yttrium and cerium.
    “Everyone is scrambling for rare earth minerals to benefit
their economies. With this resource, Namibia will become a
critical player between two superpowers - America and China,"
Martin said in an interview.
    China accounts for about 90% of global rare earth mineral
output and Western nations are seeking to diversify sources of
the metals.
    In October, Namibia's mines and energy minister Tom Alweendo
said the country had agreed a deal to sell its rare earth
minerals to the European Union, as the bloc works to reduce its
reliance on energy imports from Russia, following its invasion
of Ukraine.
    Canada-listed Namibia Critical Metals  NMI.V  has a joint
venture with the state-run Japan Oil, Gas and Metals National
Corp to develop the yttrium-rich Lofdal deposit in north-western
Namibia, the most advanced rare earth project in the country.
 (Reporting by Nyasha Nyaungwa; Editing by Nelson Banya and Mark
Potter)
 ((Nelson.Banya@thomsonreuters.com;))