Namibia’s Rare Earths Project to Start Production in 2026
- December 19, 2022
- Posted by: Quatro Strategies
- Category: Mining
Namibia’s Eisenberg rare earth minerals project, developed by privately-owned Broadmind Mining, is expected to come online in 2026, as the Southern African nation tries to take advantage of its vast resource potential to profit from growing demand driven by the global energy transition efforts. Namibia has significant reserves of rare earth minerals such as dysprosium and terbium, which are needed for permanent magnets in the batteries of electric cars and wind turbines.Executive Chairman of Broadmind, Martin, said the company had started assessment for the economic viability of the Eisenberg, which has an inferred resource of 570 million tonnes of rare earth minerals including neodymium, praseodymium, yttrium and cerium.
“Everyone is scrambling for rare earth minerals to benefit their economies. With this resource, Namibia will become a critical player between two superpowers – America and China,” Martin said.
China accounts for about 90% of global rare earth mineral output and Western nations are seeking to diversify sources of the metals.
Namibia agreed with the European Union to supply rare earth minerals to the bloc, Namibia’s mines and energy minister Alweendo had announced in October. The EU has been trying to reduce its energy dependence on Russia since Moscow’s invasion of Ukraine in February.
Canada-based Namibia Critical Metals also has a joint venture with Japan’s state-run JOGMEC to develop the yttrium-rich Lofdal deposit in north-western Namibia, the most advanced rare earth project in the country.
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