Toyota Tsusho announced on Wednesday that it will partner with the Japan Organization of Metals and Energy Security (JOGMEC) to develop heavy rare earths in Namibia.
The collaboration focuses on the Lofdal project, which is being developed by JOGMEC in partnership with Canada-listed Namibia Critical Metals. The Lofdal project contains heavy rare earth elements including dysprosium and terbium, key materials for advanced technologies and electric vehicles.
In January, JOGMEC completed a preliminary feasibility assessment of the project. Toyota Tsusho will now join the initiative to conduct a feasibility study aimed at ensuring a stable supply of these critical metals to Japan.
A final decision on the commercial viability of the project is expected by the end of fiscal year 2026, Toyota Tsusho said.
