Toyota Tsusho Joins Namibia’s Lofdal Rare Earth Project for EV Magnets

Toyota Tsusho, a subsidiary of the Toyota Group, has joined a rare earth project in Namibia. The company won a public tender bid organized by Japan’s JOGMEC, which is funding the Lofdal Project. This affects Namibia Critical Metals Inc., the project’s owner, along with Namibia’s economy and global sectors for electric vehicles and renewable energy. The move matters now as it offers a key non-Chinese source of heavy rare earths needed for supply chain security.

Toyota Tsusho serves as the global trading and supply chain arm of the Toyota Group. It secured the bid through the public tender process run by JOGMEC. JOGMEC provides funding for the venture.

The Lofdal Project is the flagship effort of Canada-based Namibia Critical Metals Inc. It targets deposits rich in dysprosium and terbium. These are heavy rare earth elements. Namibia Critical Metals announced the partnership in a press release dated March 26, 2026.

Heavy rare earths like dysprosium and terbium play a key role in high-performance magnets. These magnets power electric vehicles and renewable energy technologies.

Toyota Tsusho acts as a strategic partner. This role strengthens the project’s industrial base, according to Namibia Critical Metals.

Rutendo Hwindingwi of Tribe Africa Advisory noted the high value of these materials.

The price for dysprosium per kilogram is about $900, so it’s not cheap… and the investment in the infrastructure required to harvest it out of the ground, is also costly from a mining perspective.

Hwindingwi’s comment highlights the project’s economic scale.

The partnership positions Lofdal as a potential global hub for heavy rare earths. It could serve as a major source outside China, per Business Insider Africa and Namibia Critical Metals.

Namibia stands to gain from the investment. Global markets benefit from added supply options. Namibia Critical Metals calls this a strong opportunity based on their statement.

Few projects worldwide combine such government backing and industry expertise. JOGMEC’s support pairs with Toyota Tsusho’s leadership.

This setup bolsters the path to long-term supply of heavy rare earths. Namibia Critical Metals states it clearly in their release. Near-term steps focus on advancing development with this backing.