Namibia Critical Metals signs thorium offtake agreement

Namibia Critical Metals recently announced an offtake agreement with Danish firm Copenhagen Atomics for the supply of thorium procured from its Lofdal Heavy Rare Earth project.

The MOU provides the framework for the parties to negotiate a binding commercial offtake agreement for the supply of thorium from the Lofdal Project.

Annual production of thorium oxide from the Lofdal project is expected to be about 100 tonnes in full production, as well as an additional potential revenue stream from a waste product for Namibia Critical Metals, it said.

The MOU will be effective for 12 months from the date of signing, unless terminated by written notice by either party. Darrin Campbell, president of Namibia Critical Metals, said his company was pleased to have concluded the deal with Copenhagen Atomics.

“We are very pleased to provide this opportunity to our shareholders and JOGMEC partner to provide a new potential revenue stream from a radioactive product that was planned to be put back into tailings,” Campbell said.

Copenhagen Atomics expects to have its first operational reactor in 2027 and start commercial deployment in 2029. The company has developed a number of new technologies to support molten salt reactors. Copenhagen Atomics also supplies other fusion and fission companies with components and fuel salt products to help the global nuclear industry reach its full potential.