BRUSSELS, Belgium: Namibia’s Mines and Energy Minister Tom Alweendo has said that as part of a provisional deal, his country has agreed with the European Union to sell its rare earths, which are vital to the renewable energy sectors.
In an earlier interview with Reuters, EU and Namibian officials said they were developing an agreement on the purchase of hydrogen and minerals.
The agreement is part of EU member states’ efforts to reduce their dependence on Russian energy.
“In principle, we have agreed on terms, regardless of material, to process them here,” Alweendo said.
Namibia has significant reserves of rare earths required to produce permanent magnets used in electric cars and wind turbine batteries.
Reuters reported in July that to gain access to more mineral resources, the EU is planning geological projects to explore Namibia’s resources.
There is strong demand for the southern African country’s rare earths to drive the global transition to green energy, Alweendo said.
Due to its huge potential for solar and wind energy to produce green hydrogen, Namibia is also aiming to position itself as an African hub for renewable energy.