Toyota Tsusho joins JOGMEC for Namibia rare earth project

Toyota Tsusho Corporation has entered into a strategic partnership with the Japan Organization of Metals and Energy Security (JOGMEC) to develop heavy rare earth resources in Namibia. The collaboration is centered on the Lofdal project, which contains critical minerals such as dysprosium and terbium. The project is currently being developed by JOGMEC in partnership with Namibia Critical Metals Inc., a company listed in Canada. This joint effort follows a preliminary feasibility assessment completed by JOGMEC in January, which provided the groundwork for the current stage of development. By joining the feasibility study, Toyota Tsusho Corporation aims to secure a stable and diversified supply of heavy rare earths for Japan. These materials are essential for the production of high-performance magnets used in electric vehicles and other high-tech applications. A final determination on the commercial viability of the Lofdal project is expected to be reached by the conclusion of fiscal year 2026.