Namibia Critical Metals Signs MOU with Copenhagen Atomics for Thorium Offtake at Lofdal

Namibia Critical Metals Inc. (NCMI) announced the signing of a non-binding Memorandum of Understanding (MoU) with Copenhagen Atomics A/S (CA) on July 3, 2024. The agreement pertains to the sale of thorium produced from its Lofdal Heavy Rare Earth Project.

The MoU outlines plans to negotiate a binding offtake agreement. NCMI projects an annual production of approximately 100 tonnes of thorium oxide. This offers a new revenue stream from what was initially a waste product.

Both parties will work towards a conditional purchase order, specifying quantity, delivery date, and quality, to be submitted by CA before January 2025. The MoU will remain effective for 12 months from signing, unless terminated by written notice.

Darrin Campbell, President of NCMI, highlighted the significance of this opportunity, presenting a potential new revenue stream from a previously considered waste product, benefitting both shareholders and their JOGMEC partner.