• NEM, Perminas sign MoU on Gabon’s Maboumine project

• Perminas may take equity stake in rare earths mine

• Project targets 18,000 tons rare earths annually

New Energy Metals (NEM), a mining company backed by Emirati investors, has signed a memorandum of understanding with Perminas, an Indonesian state-owned company, to develop the Maboumine rare earths and niobium project in Gabon. The initiative was announced on Tuesday, February 17, as the Gabonese government continues efforts to revive the strategic asset.

The agreement could pave the way for financing talks. It provides for Perminas to take an equity stake in Maboumine, although the exact terms have yet to be defined. The initiative aligns with Indonesia’s broader strategy to build a domestic processing chain for critical minerals, positioning the Gabonese project as a potential primary source of rare earths.

The project returned to Gabonese state control in 2022 after several years in the hands of French group Eramet. Since 2024, it has been managed by Dusk, a subsidiary of NEM, with the aim of restarting development activities and conducting updated feasibility studies. According to official 2023 data, the future mine could produce 14,500 tons of niobium and 18,000 tons of rare earths per year.

While niobium remains strategic, with global supply largely dominated by Brazil, the emphasis on rare earths in the memorandum is notable. This group of 17 metals, particularly essential for manufacturing permanent magnets and wind turbines, lies at the center of the global race for critical minerals, as China dominates the value chain from extraction to refining.

It remains unclear whether the partnership between NEM and Perminas will lead to a binding agreement and how it could reshape the Maboumine project. For Gabon, whose mining sector still relies heavily on manganese, progress on this long-delayed project could prove decisive in efforts to diversify. The country is also developing the Baniaka iron ore project and is seeking to expand local processing capacity, particularly for manganese, echoing Indonesia’s model.

Aurel Sèdjro Houenou