Toyota Tsusho Wins Bid for Stake in Namibia's Lofdal Rare Earth Project, Aiming to Diversify Japan's Supply Chain

Published: Mar 23, 2026 18:11

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Japan Oil, Gas and Metals National Corporation (JOGMEC) announced that it had selected Toyota Tsusho as the successful bidder to acquire part of the 40% option interest it holds in Namibia’s Lofdal heavy rare earth project. The project contains key permanent magnet elements such as dysprosium and terbium and is currently at the final feasibility study stage.

Since 2020, JOGMEC has been working with Canada’s Namibia Critical Metals to advance the project. By bringing in Toyota Tsusho through this bidding process, it aimed to accelerate the project’s commercialization and strengthen the security of Japan’s heavy rare earth supply chain. Against the backdrop of the global heavy rare earth sector’s heavy reliance on China, this move was an important step in Japan’s push to diversify supply.

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