Toyota adds to JOGMEC backing for Namibia rare earth project

Toyota’s trading arm has added its weight to efforts to finance the proposed US$350 million Lofdal rare earths projects in Namibia, becoming a strategic partner at the invitation of Japanese government-backed Japan Organisation for Metals and Energy Security (JOGMEC).

JOGMEC, 40% owner of Lofdal, brought Toyota Tsusho Corporation into the project after a public tender process.

Majority partner in Lofdal, Toronto-listed Namibia Critical Metals, said Toyota Tsusho’s involvement strengthened the “industrial foundation” of the project and enhanced its position as a future supplier of dysprosium and terbium, vital heavy rare earth elements in high-performance permanent magnet supply chains.

“Toyota Tsusho brings global supply chain capabilities, downstream market access and deep experience in critical mineral development,” Namibia Critical Metals said. The trading and business development arm of Toyota operates rare earth processing and manufacturing facilities in India (pictured above) and is said to play a key role in building global supply chains for critical minerals and materials used in automotive electrification, renewable energy systems and advanced manufacturing.

Namibia Critical Metals, which has seen its share price rise about 48% since the start of 2026, has a current market value around C$82.5 million. Its December 2025 Lofdal prefeasibility study outlined a positive economic case for a project producing annually 1487 tonnes total rare earth oxide (TREO) including 119tpa of dysprosium and 17.8tpa of terbium for 13 years.

“Lofdal is well positioned as one of very few advanced major dysprosium, terbium and yttrium projects outside China, with a supportive jurisdiction, a mining license, fully environmentally permitted, an excellent relationship with the communities and a key strategic JV partner,” Namibia Critical Metals president Darrin Campbell said at the time.

He said this week Toyota Tsusho’s involvement increased confidence in the project’s path toward financing and development.

“Toyota Tsusho is a globally respected leader in building supply chains for critical materials and advanced technologies,” he said.

“Few rare earth development projects globally benefit from the combination of government strategic support and industrial supply chain leadership that this partnership represents.”