Toyota Tsusho has joined Namibia’s Lofdal Heavy Rare Earths Project through JOGMEC’s stake in the project. The deal aims to advance future supplies of dysprosium and terbium for Japanese industry.
Namibia Critical Metals said JOGMEC ran a public tender and selected Toyota Tsusho. As a result, the Japanese trading group will now support the next phase of the project.
Under the arrangement, Toyota Tsusho will invest $32 million. In addition, JOGMEC will contribute N$37 million to fund definitive feasibility work. Namibia Critical Metals said the money will help move Lofdal towards financing and development decisions.
The Lofdal project sits in north-western Namibia. It targets heavy rare earth elements, especially dysprosium and terbium. These minerals matter because manufacturers use them in high-performance permanent magnets. Those magnets, in turn, are critical for electric vehicles, wind turbines and advanced electronics.
Toyota Tsusho said it will work with JOGMEC on the definitive feasibility study. The company will then assess commercial development using the study results and market conditions. It expects to make a final investment decision in its 2026 financial year.
Meanwhile, Namibia Critical Metals president Darrin Campbell said the expanded partnership gives the project stronger momentum. He said it also strengthens Namibia’s position in the critical minerals supply chain. Toyota Tsusho, for its part, said the deal supports Japan’s effort to secure more stable rare earth supplies outside concentrated existing sources.
Overall, the agreement adds to Namibia’s growing profile in critical minerals. At the same time, it reflects a wider push by governments and companies to secure alternative supplies for the energy transition and advanced manufacturing.
