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Windhoek Aims to become a Major Player in the Battery Metals Market

Namibia has barred the export of unprocessed lithium and other vital minerals in an effort to capitalize on the rising demand for metals used in renewable energy technology worldwide. Both lithium, which is essential for storing renewable energy, and rare earth minerals like dysprosium and terbium, which are needed for permanent magnets in the batteries of electric automobiles and wind turbines, are abundant in the southern African nation. Namibia is a major supplier of uranium and gem-quality diamonds, but as the globe switches to renewable energy sources, interest in its battery metals is rising. In line with the EU’s desire to lessen its reliance on China for essential minerals, Namibia and the EU reached a deal last year to provide rare earth minerals to the latter. The country’s Ministry of Information also disclosed that only trace amounts of the listed minerals would be allowed to be exported with the mines minister’s agreement.SOURCE: BUSINESS INSIDER