JOGMEC Invests $33.9M in Toyota Tsusho's Namibian Rare Earth Project, Enhancing Supply Security

Published: Jul 30, 2026 16:52

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[SMM Rare Earth Flash News] Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho have announced that JOGMEC will invest up to C$47.7 million (approximately $33.9 million) in Toyota Tsusho’s Namibian rare earth project company to jointly develop the Lofdal heavy rare earth mine in Namibia. This is expected to become Japan’s first rare earth mine project in Africa, enhancing the supply security of critical minerals. The Lofdal deposit is rich in heavy rare earth elements such as dysprosium and terbium, which can be used in permanent magnetic materials for NEV motors, among other applications. The two parties will conduct a feasibility study through a newly established project company and plan to make a final investment decision in fiscal year 2027.

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