Wednesday , May 22 2024

Namibia Critical Metals, JOGMEC conclude agreement

Namibia Critical Metals Inc. has signed an agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) to jointly explore, develop, exploit, refine and distribute mineral products from the company’s Lofdal Heavy Rare Earth Project.

The agreement provides JOGMEC with the right to earn a 50 percent interest in the Project by funding $20,000,000 in exploration and development expenditures.

“This partnership with JOGMEC brings strong technical and financial capacities to move the Lofdal project forward,” said Pine van Wyk, Chief Executive Officer of Namibia Critical Metals

JOGMEC has completed and exercised its 50 percent earn-in and a feasibility study has been completed on the Project.

In addition, JOGMEC has the right to purchase an additional one percent interest in the project from the company for $5,000,000 and thereafter to exclusively provide funding to develop the Project subject to the company’s interest in the Project not being diluted below 26 percent.

Van Wyk further said JOGMEC is mandated to seek a stable supply of natural resources for Japan and we are delighted that they have recognized the potential of Lofdal.

The Lofdal Heavy Rare Earths Project is the most advanced project in the Company and comprises exclusive prospecting licence (EPL) 3400, located 450 kilometers northwest of the capital city of Windhoek, and approximately 25 kilometers northwest of the town of Khorixas in the Kunene Region of north-western Namibia.

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