Copenhagen Atomics Procures Thorium from Namibia Lofdal Mine

The Lofdal mine is a JV between Namibia Critical Metals and Japan Organization for Metals and Energy Security (JOGMEC). Its main product is rare earth, but recently Copenhagen Atomics has expressed interest in a sub-product of the mining operation containing thorium oxide.

The thorium will be used as fuel for nuclear power plants developed by Copenhagen Atomics. The technology for thorium has been evolving for more than a decade and Copenhagen Atomics expects operationalization by 2029. Based on the agreement, Lofdal mine will supply some 100 tonnes of thorium oxide to Copenhagen Atomics each year.

“We are extremely glad to offer our shareholders and partner JOGMEC an extra revenue stream by tapping into a sub-product of our rare earth mining operations.”

Namibia Critial Metals Chariman Darrin Campbell

Nambia delivered the mining permit for Lofdal mine in 2021. It was estimated that the project would necessitate an #FDI of nearly USD 200 million. Namibia has been pushing to diversify away from diamond and uranium, and hails the Lofdal mine as a success of its diversification strategy.

It is also worth highlighting that China dominates the rare earth market and several countries are actively looking for alternative sources. In addition, there has been a rush to secure #CriticalMinerals in Africa and Namibia is counting on it to give a boost to its economic growth.

Currently, the mine produces 2000 tonnes of rare earth minerals each year and the mine is expected to have a lifetime of 16 years. For instance, the Lofdal annually outputs 117 tonnes of dysprosium and 17.5 tonnes of terbium, which are essential in the manufacturing of magnets that go into wind turbines and #EV.