Following the release of the preliminary economic assessment on 14 November 2014, Namibia Rare Earths has focused its operations in Namibia on baseline environmental monitoring at the Lofdal heavy rare earths project to support an Environmental Impact Assessment (EIA) for the proposed project, together with focused metallurgical optimisations.
The EIA process was conducted over an 18 month period under the supervision of SLR Environmental Consultants (Namibia) and final reports have been filed with the Ministry of Environment and Tourism.
In addition to the technical and financial assessment of the project which will be carried out by the Ministry of Mines and Energy, the project needs an Environmental Clearance Certificate from the Ministry of Environment and Tourism to support the issuance of a mining licence.
The corporate objective of Namibia Rare Earths is to bring in a qualified technical or financial partner to participate in the development of Lofdal.
The company believes that while difficult market conditions for the general resource sector, and rare earths in particular persist, Lofdal remains a unique opportunity for a sustainable supply of heavy rare earths outside of China.
Furthermore, there are several processing options under development which can offer significant costs savings and the possibility for direct participation in the separation of rare earth oxides in Namibia.
In order to safeguard the project in the interim, significant cost saving measures have been implemented on both an administrative and operational level.
Namibia Rare Earths also announced that Gerald McConnell has resigned as CEO of the company and has replaced Kalidas Madhavpeddi as chair of the board. Madhavpeddi and and Bill Koutsouras have stepped down as directors of the company, effective immediately.