Namibia Critical Metals has announced that the updated NI 43-101 Mineral Resource Estimate on the Lofdal Heavy Rare Earth Project in Namibia has been filed on SEDAR.
“We are incredibly pleased to have achieved this significant value inflection point of Lofdal with this impressive mineral resource upgrade,” states Darrin Campbell, President of Namibia Critical Metals.
“Increasing our Measured and Indicated mineral resource tonnage by over 1 400% and over a six-fold increase in contained dysprosium and terbium oxide from our 2012 maiden resource is an amazing accomplishment by our technical team.
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“In addition, the receipt of the renewal of the Environmental Clearance Certificate for Lofdal is great news and is expected to be the last requirement for official issuance of the Mining License 200 for Lofdal.
“This is a very special situation with the potential to develop a sustainable source of heavy rare earths outside of China in a favourable and stable mining jurisdiction in Namibia.”
Lofdal is a joint venture between the Company and Japan Oil, Gas and Metals National Corporation (“OGMEC). The Company has received a renewal of the Environmental Clearance Certificate (ECC) for Mining Activities in Mining License (ML) 200 for the Lofdal Heavy Rare Earth Project.
The ECC was issued by the Ministry of Environment, Forestry and Tourism Department of Namibia as an effective date of May 11, 2021, and is valid until May 11, 2024.
Lofdal is unique as one of only two primary xenotime projects under development in the world. The deposit has the potential for significant production of dysprosium and terbium, the two most valuable heavy rare earths used in high powered magnets.
The joint venture with JOGMEC is driven by Lofdal’s potential to be a long term, sustainable supply of heavy rare earths for Japan.