Japan signs deal with Namibia to explore for rare earth minerals

Namibia Critical Metals

08/08/2023 15:06

By Nyasha Nyaungwa
       WINDHOEK, Aug 8 (Reuters) - Japan on Tuesday signed an
agreement with Namibia to jointly explore for rare earth
minerals as part of its broader plan to develop supply chains
for cobalt and other minerals used in making electric vehicle
batteries.
    The Japan Organization for Metals and Energy Security
(JOGMEC) will collaborate with Namibia's state-owned mining firm
Epangelo, a Namibia mines and energy ministry official said on
the sidelines of the signing ceremony in Windhoek.
    Details of the agreement were not immediately available.
    Yasutoshi Nishimura, Japan's minister for economy, trade and
industry is visiting five countries with significant deposits of
rare earths, including Namibia, Zambia and Democratic Republic
of Congo to try to build an African supply chain of critical
minerals.
    Japan, like other advanced economies, is seeking to be less
reliant on China, which has dominated supplies of battery
minerals.
    JOGMEC is already partnering with Namibia Critical Metals
Inc.  NMI.V  in developing the Lofdal deposit, rich in yttrium,
in north-western Namibia, which is the country's most advanced
rare earth project.
    In addition to yttrium, used in alloys, the Lofdal deposit
has the potential for significant production of dysprosium and
terbium, two of the most valuable heavy rare earth elements,
used in permanent magnets in the batteries of electric cars and
in wind turbines. 
    In 2022, Namibia signed an agreement to supply rare earth
minerals to the European Union.

 (Reporting by Nyasha Nyaungwa; Editing by Nelson Banya and
Barbara Lewis)
 ((Nelson.Banya@thomsonreuters.com;))