Europe has taken its first concrete step into Namibia’s emerging lithium sector in a move that could have a significant impact on the global battery race.
The European Investment Bank signed a cooperation agreement with Andrada Mining, committing up to $2.4 million to advance the Uis lithium project toward a bankable feasibility study.
The bank will also provide technical assistance. With the International Energy Agency warning that 55 new lithium mines will be needed by 2035 to meet soaring demand for the metal, Brussels is scrambling to secure supplies outside China’s dominant grip.
Namibia, already famous for diamonds and uranium, sits on significant lithium deposits that could supply Europe’s electric vehicle revolution. The deal opens doors for future investment while demanding high environmental standards.
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The financing is designed to cushion energy costs while supporting Botswana’s private-sector and jobs reforms.