Japan Organization for Metals and Energy Security (Head Office: Minato-ku, Tokyo; Chairman & CEO: Ichiro Takahara; hereinafter "JOGMEC") and Toyota Tsusho Corporation (Head Office: Nagoya, Aichi; President & CEO: Toshimitsu Imai; hereinafter "Toyota Tsusho") are currently advancing a heavy rare earth development project in the Lofdal area of the Kunene Region, Republic of Namibia.
Now, Toyota Tsusho has established TJ Namibia Rare Earths Corporation (hereinafter "TJ"), a special purpose company to carry out the project, and JOGMEC has decided to invest up to 47.668 million Canadian dollars (approximately 5.5 billion yen) in TJ. The initial investment was made on July 23, 2026.

The project was launched by JOGMEC together with Canada-based Namibia Critical Metals Inc. in 2020. In March 2026, JOGMEC conducted an open competitive bidding process for the transfer of a portion of the option interest held by JOGMEC, and Toyota Tsusho joined the project as a joint development partner*. The Lofdal deposit contains substantial heavy rare earth resources, including dysprosium and terbium, which are required for the manufacture of permanent magnets, particularly those used in automobile motors. As Japan's first rare earth mine development project in Africa, the project is expected to contribute to securing a stable supply of rare earths for Japan.

JOGMEC and Toyota Tsusho conduct a Definitive Feasibility Study (DFS) through TJ and aim to make a final decision on commercialization during FY2026.

Through this project, Toyota Tsusho aims to work with JOGMEC and other relevant parties to advance feasibility studies for future commercialization and development, while contributing to the strengthening of Japan's critical mineral supply chains.
JOGMEC will also continue to actively support Japanese companies engaged in resource development in order to ensure a stable supply of critical metals and minerals, including rare earths, to Japan.

*Reference (materials released on March 18, 2026)
Transfer of a Portion of the Interest in the Heavy Rare Earth Exploration Project in the Republic of Namibia (JOGMEC) (in Japanese)
Toyota Tsusho Participates in JOGMEC's Rare Earth Development Project in Namibia (Toyota Tsusho)