{
  "commitment": {
    "id": "fin-jp-jogmec-lofdal-2026-equity",
    "eventId": "evt-jp-jogmec-lofdal-2026",
    "relationships": [],
    "instrument": "equity",
    "valueRole": "commitment",
    "capitalSource": "public",
    "amount": {
      "value": "47668000",
      "currency": "CAD",
      "qualifier": "up_to",
      "amountAsStated": "up to 47.668 million Canadian dollars (approximately 5.5 billion yen)",
      "currencyBasis": "stated"
    },
    "provider": "Japan Organization for Metals and Energy Security (JOGMEC)",
    "providerJurisdiction": "japan",
    "providerOrgIds": [
      "org-jp-jogmec"
    ],
    "legalAuthority": null,
    "programmeId": null,
    "recipient": "TJ Namibia Rare Earths Corporation (special purpose company established by Toyota Tsusho)",
    "recipientOrgIds": [
      "org-tj-namibia-rare-earths"
    ],
    "project": "Lofdal heavy rare earth development project",
    "projectId": "prj-na-lofdal",
    "facility": null,
    "locations": [
      {
        "countryCode": "NA",
        "subnational": "Kunene Region",
        "asStated": "the Lofdal area of the Kunene Region, Republic of Namibia"
      }
    ],
    "stages": [
      "exploration",
      "mining"
    ],
    "stageAllocation": "multi_stage_unallocated",
    "materialIds": [
      "rare-earth-elements",
      "dysprosium",
      "terbium"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "financialStatusHistory": [
      {
        "status": "decided",
        "date": null,
        "sourceId": "src-jogmec-lofdal-en",
        "note": "\"JOGMEC has decided to invest up to 47.668 million Canadian dollars\"; the decision date is not stated."
      },
      {
        "status": "partially_disbursed",
        "date": "2026-07-23",
        "sourceId": "src-jogmec-lofdal-en",
        "note": "\"The initial investment was made on July 23, 2026.\""
      }
    ],
    "implementationStatusHistory": [
      {
        "status": "feasibility",
        "date": null,
        "sourceId": "src-jogmec-lofdal-en",
        "note": "A Definitive Feasibility Study is being conducted through TJ."
      }
    ],
    "terms": [],
    "outcomes": [
      {
        "metric": "other",
        "value": null,
        "qualifier": null,
        "unit": null,
        "targetDate": null,
        "asStated": "JOGMEC and Toyota Tsusho ... aim to make a final decision on commercialization during FY2026.",
        "statedBy": "government",
        "sourceId": "src-jogmec-lofdal-en",
        "note": "Joint statement by JOGMEC and Toyota Tsusho; Japanese FY2026 runs April 2026 to March 2027."
      }
    ],
    "evidence": [
      {
        "sourceId": "src-jogmec-lofdal-en",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "amount",
          "provider",
          "recipient",
          "project",
          "location",
          "materials",
          "status",
          "outcomes"
        ],
        "evidence": "explicit",
        "locator": "Second to fourth paragraphs",
        "note": null
      },
      {
        "sourceId": "src-jogmec-lofdal-ja",
        "supports": [
          "stages"
        ],
        "evidence": "explicit",
        "locator": "Title",
        "note": "The Japanese title describes the SPC's business as レアアース探査・開発事業 (rare earth exploration and development)."
      },
      {
        "sourceId": "src-ncmi-lofdal-jv-20260730",
        "supports": [
          "amount",
          "project",
          "status"
        ],
        "evidence": "explicit",
        "locator": "Page 1, investment paragraphs; page 2, Advancing a Strategic Heavy Rare Earth Supply Chain",
        "note": "The project company corroborates JOGMEC's up-to-CAD-47.668-million SPC investment and the initial investment on 23 July, without disclosing the paid amount. Its completed CAD 23 million earn-in and approximately CAD 11 million expanded DFS budget are distinct figures, not payments measured against this equity commitment. The DFS includes pilot-scale metallurgical work, separation testwork, engineering, permitting and mine planning; it is not a construction or operating milestone."
      },
      {
        "sourceId": "src-ncmi-lofdal-jv-update-20260831",
        "supports": [
          "project"
        ],
        "evidence": "explicit",
        "locator": "Page 1, opening transaction-update paragraphs",
        "note": "The underlying project-interest transaction still requires shareholder consent and regulatory approvals, including final TSX Venture Exchange approval. These conditions concern implementation of that transaction and do not reverse JOGMEC's disclosed initial capitalization of TJ."
      }
    ],
    "notes": "The amount is in Canadian dollars in both the Japanese and English releases; the yen figure is an approximation given in the release (約54.6億円 in the Japanese text, \"approximately 5.5 billion yen\" in English) and is not recorded as a separate amount. Lifecycle review on 3 October 2026 retains partially_disbursed financial status: the initial SPC investment occurred on 23 July, but the initial investment amount is not disclosed. Namibia Critical Metals' completed C$23 million earn-in and approximately C$11 million expanded DFS budget are separate from JOGMEC's up-to-C$47.668 million SPC equity commitment; neither is coded as a paid amount against it. The recipient's 30 July release confirms ongoing DFS execution, including pilot-scale work and engineering, while its 31 August update says the underlying project-interest transaction still requires shareholder consent and regulatory approvals. Those transaction conditions do not negate the initial SPC investment. Feasibility remains the physical status, with its actual start date unknown; the reviewed sources do not establish commercial mine construction, operation or a completed final investment decision. The FY2026 commercialization decision remains a target.",
    "lifecycleReview": {
      "financialStatusCheckedAt": "2026-10-03",
      "implementationStatusCheckedAt": "2026-10-03"
    }
  },
  "event": {
    "id": "evt-jp-jogmec-lofdal-2026",
    "date": "2026-07-23",
    "jurisdiction": "japan",
    "titleEn": "Establishment of a Special Purpose Company for Heavy Rare Earth Development in the Republic of Namibia and Investment by JOGMEC"
  },
  "parents": [],
  "children": [],
  "sources": [
    {
      "id": "src-jogmec-lofdal-en",
      "title": "Establishment of a Special Purpose Company for Heavy Rare Earth Development in the Republic of Namibia and Investment by JOGMEC",
      "publisher": "Japan Organization for Metals and Energy Security (JOGMEC) / Toyota Tsusho Corporation",
      "url": "https://www.jogmec.go.jp/english/news/release/release_00451.html",
      "language": "en",
      "datePublished": "2026-07-30",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "official_translation",
      "notes": "JOGMEC own English edition of the same release — the issuing body official translation, which is why the framing anchor carries quoteEnSource official. Read in full 2026-08-11 and re-read at promotion 2026-08-12. Two divergences from the Japanese are recorded: the yen figure is rounded to approximately 5.5 billion yen against 約54.6億円, and the English title says Heavy Rare Earth Development where the Japanese says レアアース探査・開発事業 (rare-earth exploration and development). Rechecked in full on 3 October 2026. The initial SPC investment remains explicitly dated 23 July 2026, but its amount is not disclosed; the up-to-CAD-47.668-million figure is the investment ceiling. The FY2026 commercialization decision is a target, not an achieved FID or construction milestone."
    },
    {
      "id": "src-jogmec-lofdal-ja",
      "title": "ナミビア共和国におけるレアアース探査・開発事業を行う特定目的会社の設立およびJOGMECの出資について",
      "publisher": "独立行政法人エネルギー・金属鉱物資源機構 (JOGMEC) / 豊田通商株式会社",
      "url": "https://www.jogmec.go.jp/news/release/release_01320.html",
      "language": "ja",
      "datePublished": "2026-07-30",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Japanese original of the joint JOGMEC / Toyota Tsusho release. Read in full 2026-08-11 and re-read at promotion 2026-08-12. Source of the verbatim Japanese framing anchor and of the 最大47.668百万カナダドル / 約54.6億円 figure. The 安定供給 sentence coded as the framing anchor is JOGMEC own; the サプライチェーン強靭化 sentence in the same release is Toyota Tsusho and is not coded. Rechecked in full on 3 October 2026. The initial SPC investment remains explicitly dated 23 July 2026, but its amount is not disclosed; the up-to-CAD-47.668-million figure is the investment ceiling. The FY2026 commercialization decision is a target, not an achieved FID or construction milestone."
    },
    {
      "id": "src-ncmi-lofdal-jv-20260730",
      "title": "Namibia Critical Metals Announces Completion of Japan’s C$23 Million Earn-In and Formation of Strategic Joint Venture Company for the Lofdal Heavy Rare Earth Project",
      "publisher": "Namibia Critical Metals Inc.",
      "url": "https://www.namibiacriticalmetals.com/wp-content/uploads/2026/07/260730-TJNRE-Earn-In-Completion-SEDAR.pdf",
      "language": "en",
      "datePublished": "2026-07-30",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Full four-page company-hosted original PDF read on 3 October 2026. It distinguishes the completed C$23 million earn-in, the approximately C$11 million expanded DFS budget, and JOGMEC's up-to-C$47.668 million investment in TJNREC with an initial investment on 23 July. It does not quantify the initial SPC investment. Transfer of the 50% project interest is subject to prior shareholder and TSX Venture Exchange approvals. Ongoing pilot-scale work, engineering, permitting and mine planning remain definitive-feasibility activities; pre-FID work is not commercial construction or operation."
    },
    {
      "id": "src-ncmi-lofdal-jv-update-20260831",
      "title": "Namibia Critical Metals Provides Update on Lofdal Joint Venture Transaction",
      "publisher": "Namibia Critical Metals Inc.",
      "url": "https://www.namibiacriticalmetals.com/wp-content/uploads/2026/09/260831-JV-Transaction-Update-SEDAR.pdf",
      "language": "en",
      "datePublished": "2026-08-31",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Full three-page company-hosted original PDF read on 3 October 2026. The document is dated 31 August despite its September upload directory. The opening paragraphs say the project-interest transaction still requires shareholder consent and regulatory approvals, including final TSX Venture Exchange approval. Its completed C$23 million expenditure requirement does not establish that the conditional transfer is complete or disclose payments under JOGMEC's newer SPC equity commitment."
    }
  ]
}