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The European Union (EU) forges a strategic alliance with Namibia to secure a steady supply of rare earth minerals, as representatives from Brussels embark on a visit to Andrada Mining's Uis mine.
The site has recently confirmed the presence of significant lithium, tin, and tantalum deposits. This visit follows the agreement inked between Namibia and the EU in November of last year, ensuring the trade bloc's access to the country's rare earth metals crucial for powering the global shift towards green energy.
With a focus on easier mineral access in Namibia, the EU plans to undertake geological projects aimed at exploring the country's abundant resources. The EU regards Namibia as an essential partner and seeks to collaborate on global challenges through their new strategic partnership on raw materials and green hydrogen.
European Commissioner for Internal Market, Thierry Breton, expressed the significance of this cooperation, stating, "Our goal is to support Namibia in developing an independent extractive, refining, and recycling industry for raw materials, while expanding green hydrogen production capabilities. This approach will promote sustainable growth and development in Namibia, creating new job opportunities, infrastructure, and economic benefits for the local population."
Embedded within the EU's Global Gateway strategy for trusted and sustainable connections with partner countries, this new partnership will expedite joint efforts between the EU and Namibia in their green and energy transition. Notably, the development of the Green Hydrogen and Critical Raw Materials value chains is poised to bring about transformative changes in society. Jutta Urpilainen, European Commissioner for International Partnerships, emphasizes the importance of local value addition in Namibia through the creation of stable employment opportunities and investments in infrastructure and transportation.
In pursuit of concrete actions outlined in the COP27 agreement, a roundtable discussion was held to explore the opportunities and challenges presented by the EU-Namibia Partnership. Namibia's Minister of Mines and Energy, Tom Alweendo, alongside key stakeholders from both Namibian and European public, private sectors, and civil society, actively participated in the discussions.
Namibia boasts significant reserves of rare earth minerals like dysprosium and terbium, crucial for the production of permanent magnets used in electric car batteries and wind turbines. Furthermore, the Lofdal heavy rare earth project, operated by Namibia Critical Metals, has shown immense potential to become a considerably larger operation based on a recent preliminary economic assessment (PEA).
The PEA considers the extraction of only 26 million tonnes, roughly half of the estimated 53 million tonnes in the mineral resource, with a projected mine life of 16 years. Additionally, a low-grade stockpile of 13 million tonnes could extend the mine's lifespan.
To bolster Namibia's renewable energy projects, including green hydrogen, the European Investment Bank plans to provide close to N$9 billion (€500 million) in financial support to the country. This injection of funds will further accelerate the nation's transition to sustainable energy sources.
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