Namibia Rare Earths Inc. has announced that board chairman Gerald J. McConnell, has acquired a further 24,000,000 shares (28.7%) of the Company pursuant to a private share purchase agreement with three other shareholders of the Company.
A news release published on May 24, 2017 indicates that the vendors included entities controlled by William E. Oberndorf which held 23,725,000 shares (28.3%) of the Company prior to the closing of the transaction. This acquisition increases Mr. McConnell’s holdings in the Company from 15.9% to 44.6%.
According to the company, as technology continues to advance, more uses for rare earths are being discovered by industry and cutting-edge Energy Storage technology stands to be a major beneficiary and driving force in the Rare Earths extractive sector.
Rare Earths are being used in manufacture of Smartphones, hybrid automobiles, flat panel TV sets, wind turbines, low-energy light bulbs, medical imaging equipment, camera lenses, fiber optic cables, lasers, cutting edge energy storage units, computer equipment, magnets and much more use rare earths in their construction.
“A new generation of energy-saving fluorescent light bulbs uses rare earths in their manufacturing. Up to 1,000 grams of neodymium is needed to make several components for hybrid automobiles while another rare earth, dysprosium, is required to construct the lithium battery that powers the hybrid vehicle,” the company explains on its website.
The company has demonstrated that the degree of heavy rare earth enrichment in certain zones at it’s Lofdal Mining areas is the highest in the world.
The company says there is a current growing demand for Rare Earths following impactful developments including China which in 2010, reduced its export quota of Rare Earths by 70%, and for 2011 by 35%. This, the company says, has caused the price of rare earths to dramatically increase on the world exchange markets.