The Canadian project is part of a more general boom in rare geological surveys in Africa, focusing on researching the key components of batteries, neodymium and prismodymium. Analysis by Giuseppe Cogliano
Canadian Battery Road Capital, an investment fund listed on the Toronto Stock Exchange’s TSX Venture Exchange, is set to control its first mineral-rich Eureka Rare Earth project in Namibia. A public meeting of shareholders is scheduled for October 14 to approve the move, which will cost the group $ 2 million. The acquisition could be finalized in late October, according to African intelligence.
The Eureka site, located near the Wallis Bay harbor center, has been under scrutiny by E-Tech Namibia since 2018, exploring the site’s neodymium and prosodymium capabilities. Battery Road has already set aside $ 5 million raised in 2021 to invest in Eureka’s development.
Enthusiasm for the Eureka project is part of a more general boom in the rare earth study in Africa – particularly focusing on research into neodymium and prism, the key components of electric vehicle batteries and wind magnets. This is in response to the growing demand from Western businessmen for rare lands outside of China’s phases.
E-Tech Namibia is headed by Elbert Lewis, a cargo supply chain specialist who was the CEO of DMT-IMC, Germany’s leading mining consulting firm. Louis, a leading commodity in Germany, advises industry giants in the resource alliance – especially BMW, ThyssenKrupp, BASF, Bosch, Daimler and Volkswagen – on their resource strategies. He has worked with the European Raw Materials Alliance (ERMA) formed in 2020 and has advised the management of the Rare Earth Industry Association (REIA).
If the Battery Road in Namibia has an ancient history, its leaders are not new. Holding’s directors include Canadian financier James Megan and Daniel Whittaker (founder of Gogold Resources and Ucore Rare Metals), Carl Shepherd and Christopher Tristale, president of Battery Road.
The four-member board of directors of Andler Gold, Canada, which builds gold projects mainly in Namibia, received a rare earth exploration permit in Zambia in August.
Another key figure in Battery Road’s visit to Namibia was Rob Randall, who holds CFO positions at E-Tech Namibia, Antler Gold and Canadian investment firm Torrent Capital, of which James Megan is a director. Prior to that, Randall was the CFO of Ethiopian Resources, which owned the gold mines of Yuga (Burkina Faso) and Akbav (C டிte d’Ivoire) before being fully acquired by Endeavor Mining in 2010.
Loftal, Namibia’s largest rare earth project, was developed by Namibia Critical Metals (NCM, formerly Namibia Rare Earths) of Canada. The company was managed by Gerald McConnell from 2010 to May 2021, first CEO and then Chairman, who previously served as CEO of Etrusche Resources from 1990 to 2010.
Sign up for our newsletter
Subscribe to our mailing list to receive our newsletter