London-listed junior miner Kendrick Resources has agreed to acquire a majority stake in two rare earth exploration licences near Luderitz, Namibia, marking a further shift toward African critical minerals.
Under a deal with Bonya Exploration, Kendrick will pay $300,000 in cash plus 22 mln shares, with additional payments tied to future milestones. The announcement triggered a roughly 21% rise in the company’s share price. However, no formal resource estimate, grade data or metallurgical results have yet been disclosed, underlining the project’s early-stage nature.
Namibia is considered geologically prospective for rare earth elements due to its alkaline and carbonatite formations. The country already hosts notable projects such as the Lofdal heavy rare earth deposit, demonstrating its potential to produce high-value elements. Still, carbonatite deposits are often technically challenging and costly to process, meaning economic viability remains uncertain until further drilling and testing are completed.
The Namibia move forms part of Kendrick’s broader strategic pivot. Historically focused on Scandinavian battery metals, the company has been shifting toward Southern Africa since 2025, pursuing rare earth and copper opportunities in Namibia and Zambia while retaining its Airijoki vanadium project in Sweden as its core European asset.
Kendrick Resources is a small-cap exploration company listed in London and does not currently generate mining revenue. Its valuation largely depends on exploration success and access to capital, making upcoming drill results and metallurgical studies key indicators of whether the Namibia licences can evolve into a commercially viable project.
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