Namibia Critical Metals taps Toyota Tsusho to join Lofdal rare earths venture

Namibia Critical Metals(TSX-V:NMIOTCQB:NMREF) View Price & Profile Namibia Critical Metals taps Toyota Tsusho to join Lofdal rare earths venture

Published: 09:30 17 Mar 2026 EDT

Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) said on Tuesday that Toyota Tsusho Corporation has been selected through a public tender led by Japan Organization for Metals and Energy Security to join the Lofdal Heavy Rare Earths Project in Namibia.

Toyota Tsusho, part of the broader Toyota Group, will participate in the project under JOGMEC’s ownership interest, the Canadian-listed company said.

The addition of the Japanese trading house, which plays a key role in global supply chains for automotive and energy transition materials, is expected to strengthen the development prospects of the Lofdal project, a deposit rich in dysprosium and terbium—rare earth elements critical for high-performance permanent magnets.

Namibia Critical Metals said the partnership enhances the project’s alignment with Japanese industrial demand for secure supplies of heavy rare earths, while also supporting its pathway toward financing and commercialization.

“Toyota Tsusho’s participation represents a major strategic milestone for the Lofdal project,” Namibia Critical Metlas president Darrin Campbell said in a statement, adding that the combination of government backing through JOGMEC and industrial expertise positions the project as a potential long-term supplier to global markets.

Toyota Tsusho said it aims to support development of the project to help secure sustainable supplies for Japan’s rare earth magnet supply chain.

The Lofdal project is considered one of the more significant deposits of heavy rare earth elements outside China, positioning it as a potential alternative source amid growing global efforts to diversify supply chains.