Namibia Critical Minerals Inc has amended its agreement with the Japan Organisation for Metals and Energy Security (Jogmec) to increase funds for the Lofdal heavy rare earths project.
Jogmec, the joint-venture partner for the project, will commit an additional N$37 million to fund a definitive feasibility study, according to a notice to investors published on Monday.
"We are extremely pleased with the continued support of our Jogmec partner.
By increasing the earn-in commitment by N$37 million to complete a definite feasibility study, we can position Lofdal for project financing and development decisions in a manner that aligns with Japanese industrial demand for secure, long-term heavy rare earth supply," Namibia Critical Minerals president Darrin Campbell says.
A definitive feasibility study is the final study undertaken by mining companies in order to decide whether a project is worth investing in.
The Lofdal project holds a 25-year mining licence and aims to produce heavy rare earth metals, which are required for high-performance magnets used in renewable technologies.
Toyota Tsusho Corporation - part of the Toyota Group - announced on 17 March that it will join the Lofdal project as part of Jogmec's ownership.
