Namibia Critical Metals Inc., which was recently granted a 25-year mining license for its Lofdal project together with JV partner, the Japan Oil, Gas and Metals National Corporation (JOGMEC) announced on Monday it is moving its rare earth project to the pilot-scale phase production.
Earthworks to develop a starter pit to a depth of about 15 meters at the Area 4 deposit has already started, the company said in a statement.
According to the company, the Lofdal heavy rare earth deposit is one of only two primary xenotime projects under development in the world. The deposit has the potential for significant production of dysprosium and terbium, the two most valuable rare earth elements used in high powered magnets and other high-tech applications.
A recent resource update on Lofdal puts the project among the top heavy rare earth element projects in the world.
“We are incredibly pleased with the rapid progress of the project after the grant of the mining license in July,” Darrin Campbell, President of Namibia Critical Metals said.
“Moving into the pilot-scale phase is yet another impressive milestone achieved in such a short period with our JOGMEC partners. We believe that Lofdal will eventually be recognized as one of the top heavy rare earths deposits of dysprosium and terbium in the western world.” Campbell said. Enditem