Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) announced that its Japan Organization for Metals and Energy Security (JOGMEC) partner has committed an additional C$300,000 to the ongoing joint venture exploration program at the Lofdal heavy rare earth metals project in Namibia.
Under the conditions of approval by the Ministry of Economy, Trade and Industry in Japan, JOGMEC has approved expenditures totalling C$10,375,000 through to May 31, 2023, which satisfies the Term 2 Expenditure requirement of C$10 million to earn 40% interest in the Lofdal project, the company said in a statement.
The company is currently completing a corporate restructuring to facilitate JOGMEC's holding of its initial 40% interest in the Lofdal project as they move into Term 3 of the agreement in June 2023, Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) noted.
Further, the company said it has been advised by its JOGMEC partner that further to the public tender process announced on November 28, 2022, there was no acceptable offer received from a Japanese industrial company to acquire JOGMEC's interest in the Lofdal project.
The company noted that it is scheduled to present the results of the preliminary economic assessment and the preliminary feasibility study currently underway to several Japanese companies in Tokyo and Osaka in late June in order to assist JOGMEC to identify an acceptable Japanese party.
"We are thrilled to have the continued support and backing of our JOGMEC partner and their commitment to advancing Lofdal to production,” commented Namibia Critical Metals president Darrin Campbell.
“Lofdal is clearly an important strategic investment for JOGMEC and Japan as they move to reduce reliance on China for supply of heavy rare earth metals. Together we have made very impressive progress in establishing Lofdal as a globally significant heavy rare earth project.”
Namibia Critical Metals is developing the Tier-1 heavy rare earth project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium.
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