{"id":48927,"date":"2024-07-03T15:24:28","date_gmt":"2024-07-03T14:24:28","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=48927"},"modified":"2024-07-03T15:24:28","modified_gmt":"2024-07-03T14:24:28","slug":"namibia-critical-metals-inc-signs-mou-sell-thorium-produced-from-lofdal-heavy-rare-earth-project","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/namibia-critical-metals-inc-signs-mou-sell-thorium-produced-from-lofdal-heavy-rare-earth-project\/48927\/","title":{"rendered":"Namibia Critical Metals Inc. signs MoU to sell thorium produced from Lofdal Heavy Rare Earth Project"},"content":{"rendered":"<h2><a href=\"https:\/\/www.namibiacriticalmetals.com\/company-profile\" target=\"_blank\" rel=\"noopener\">Namibia Critical Metals Inc.<\/a> has signed a non-binding, non-exclusive Memorandum of Understanding with Copenhagen Atomics A\/S to sell thorium produced from the Lofdal Heavy Rare Earth Project.<\/h2>\n<p>In a significant development for the thorium market, NCMI and CA have signed a Memorandum of Understanding (MoU) that lays the groundwork for a binding commercial offtake agreement for thorium sourced from the <a href=\"https:\/\/www.innovationnewsnetwork.com\/lofdal-a-globally-significant-heavy-rare-earth-deposit\/47123\/\">Lofdal Project<\/a>.<\/p>\n<p>This collaboration marks a strategic move to harness the full potential of the Lofdal Project, which is expected to produce approximately 100 tonnes of thorium oxide annually at full capacity.<\/p>\n<h3>Detailed conditional purchase order<\/h3>\n<p>The MoU serves as a framework for both parties to negotiate the specifics of the offtake agreement. This includes outlining a conditional purchase order, detailing the quantity, delivery date, and quality of the thorium.<\/p>\n<p>CA is expected to submit this order to NCMI before January 2025, marking a critical step towards finalising the commercial terms of the supply arrangement.<\/p>\n<h3>Transformation of thorium into a valuable revenue stream<\/h3>\n<p>One of the notable aspects of this agreement is the transformation of thorium, a waste product, into a valuable revenue stream for NCMI.<\/p>\n<p>By capitalising on the byproduct of its operations, NCMI stands to enhance its financial performance and sustainability initiatives.<\/p>\n<p>The MoU will be effective for 12 months from the date of signing unless terminated by written notice by either party.<\/p>\n<p>Darrin Campbell, President of Namibia Critical Metals, stated: &#8220;We are very pleased to provide this opportunity to our shareholders and JOGMEC partner to provide a new potential revenue stream from a radioactive product that was planned to be put back into tailings.&#8221;<\/p>\n<h3>About Namibia Critical Metals Inc.<\/h3>\n<p>NCMI is developing the Tier-1 Heavy Rare Earth Project at Lofdal, a globally significant deposit of dysprosium and terbium.<\/p>\n<p>These critical metals are in high demand for their use in permanent magnets for electric vehicles, wind turbines, and other electronics, driven by innovations in energy and technology.<\/p>\n<p>Geopolitical risks associated with sourcing these metals have become a major concern for manufacturers and end users.<\/p>\n<p>Namibia, a proven and stable mining jurisdiction, hosts the fully permitted Lofdal Project, which operates under a 25-year Mining License and is managed through a Joint Venture agreement with the Japan Organization for Metals and Energy Security (JOGMEC).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Namibia Critical Metals Inc. has signed a non-binding, non-exclusive Memorandum of Understanding to sell thorium.<\/p>\n","protected":false},"author":18,"featured_media":48942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[24502,23535],"tags":[24335,24584],"acf":[],"yoast_head":"\n<title>Namibia Critical Metals Inc. signs MoU to sell thorium produced from Lofdal Heavy Rare Earth Project<\/title>\n<meta name=\"description\" content=\"Namibia Critical Metals Inc. has signed a non-binding, non-exclusive Memorandum of Understanding to sell thorium.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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