AN AUSTRALIAN mining company has announced that it has found large deposits of critical minerals at its Kameelburg project, situated between Otjiwarongo and Omaruru.
Australian-listed Aldoro Resources Ltd on Monday announced standout finds of niobium – a critical mineral used in strengthening steel.
“Drilling [returned] standout high-grade niobium and strontium intercepts that materially expand the scale and economic profile of the deposit,” the company’s board said.
This comes at the same time that the company entered an underwriting agreement that will guarantee N$39 million to fund continued drilling until September. “The proceeds will allow us to maintain momentum across our work programs at Kameelburg,” Aldoro chairperson Quinn Li said.
Although the presence of rare earth elements (REE) niobium and strontium had already been confirmed by previous drilling, the company’s continued exploration aims to test the economic viability of a full-scale mining project.
The Kameelburg project – together with Namibia Critical Minerals’ Lofdal project – is at the forefront of Namibia’s foray into mining for REE.
These elements continue to grow in importance for their role in high-performance magnets that power technology.
Their global importance has led to international interest in Namibia’s capacity to produce critical minerals and REE.
Japan, through the Japan Organisation for Metals and Energy Security, entered a joint venture partnership in 2020 to provide funding for the Lofdal project.
The European Union has also entered into deals with Namibia for rare earth elements through its N$25-billion loans and grants package intended to support Namibia’s green industrialisation.
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