Namibia Critical Metals has signed a nonbinding memorandum of understanding (MoU) with Copenhagen Atomics (CA) to sell thorium produced from the Lofdal heavy rare earths project.
The MoU provides the framework for the parties to negotiate a binding commercial offtake agreement for the supply of thorium from the project. Lofdal is expected to produce about 100 t/y of thorium oxide.
What is Thorium Used For?
Thorium is used to make ceramics, welding rods, camera and telescope lenses, fire brick, heat-resistant paint and metals used in the aerospace industry, as well as in nuclear reactions.
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Thorium has the potential to be used as a fuel for generating nuclear energy.
“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,” said Namibia Critical Metals president Darrin Campbell.
CA is a private technology company, started in 2014, which has developed a thorium molten salt reactor, which is scheduled for mass manufacturing. CA 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. CA also supplies other fusion and fission companies with components and fuel salt products, to help the global nuclear industry to reach its full potential.
Thorium Export From Africa
South Africa exported $2.66k in Uranium and Thorium Ore, making it the 22nd largest exporter of Uranium and Thorium Ore in the world.
At the same year, Uranium and Thorium Ore was the 1196th most exported product in South Africa.
