Namibia Critical Metal formerly known as Namibia Rare Earths has secured an investment of US$4.37 million from Alumina Partners (Ontario) Ltd in Canada.
Don Burton President of Namibia Critical Metal said the financial injection plan was structured to give the company an opportunity to access private in times of need and help the increase the exploring of gold in Central Namibia.
“The Alumina facility will provide the company with the flexibility to accelerate high-priority exploration programmes outside of the Lofdal Heavy Rare Earth joint venture, which is already fully funded by our joint venture partner, Japan Oil, Gas and Metals National Corporation (JOGMEC),” Burton said.
“The two areas of resource focus that present the greatest value proposition right now are rare earth elements and counter-inflationary precious metals … And investing in Namibia now will allow us to get exposure to both”, Adi Nahmani, managing director of Alumina Partners, commenting on the deal.
“We look forward very much to seeing this veteran management team execute against the plan and hit key milestones even sooner than previously expected.”