2024-07-23 20:05:00
Namibia Critical Metals Inc. (NCMI) announced the mutual termination of its share purchase agreement with Sylla Gold Corp. The agreement, initially aimed at transferring four non-significant gold properties in Namibia, was announced on March 19, 2024, and updated on June 13, 2024.
Namibia Critical Metals is focused on developing the Lofdal Heavy Rare Earth project. This project contains significant deposits of dysprosium and terbium, essential for various high-tech applications. The project holds a 25-year mining license and operates as a joint venture with the Japan Organization for Metals and Energy Security (JOGMEC).
JOGMEC has met the requirements for phase 2 of the joint venture, contributing CAD 10 million to the project. NCMI and historically disadvantaged Namibians maintain a minimum ownership stake of 26% in the project.
Further explorations are underway in other regions, including gold exploration licenses in Namibia’s central gold belt, known for its significant gold deposits such as the Navachab and Otjikoto mines.
R. P.