Namibia’s Karibib Lithium Project Faces Fresh Ownership Dispute After Years of Delays
Namibia’s Karibib Lithium Project is facing another ownership challenge after years of financial difficulties, legal disputes and failed acquisition attempts delayed development of one of the country’s most advanced lithium assets.
The project, which includes the historic Rubicon and Helikon mines in central Namibia, is currently controlled by Lepidico through its Namibian subsidiary.
The assets have been under care and maintenance since 2022, with no current production.
UK-based African Critical Elements (ACE) has agreed to acquire the project and has applied to Namibia’s Competition Commission for approval.
The proposed transaction would give ACE control of the corporate structure holding the Karibib lithium, rubidium and caesium project.
However, Namibian investment company Otwathika Investment Holdings has objected to the proposed transaction, arguing that the project has changed hands repeatedly without securing the substantial capital required to bring it into production.
Karibib has faced several setbacks in recent years, including a dispute with Chinese offtake partner Jiangxi Jinhui Lithium and financial difficulties that contributed to Lepidico entering administration and the project remaining inactive.
An earlier attempt by International Lithium Corp to acquire Lepidico’s interest also failed in February 2026 after the option expired without the required regulatory approval.
Despite the setbacks, Karibib remains a significant lithium development opportunity. The project encompasses the Rubicon and Helikon deposits within Namibia’s established pegmatite belt and also contains rubidium and caesium mineralisation.
Environmental documentation for the project provides for processing capacity of about 330,000 tonnes a year during the initial operating period, increasing to 540,000 tonnes a year over the project life.
The latest ownership dispute adds another layer of uncertainty to efforts to restart the project.
Its future will depend on the outcome of the proposed acquisition, the resolution of outstanding legal and financial issues and the ability of the incoming owner to secure development funding.
For Namibia, the successful revival of Karibib would provide an opportunity to advance domestic lithium production and strengthen the country’s position in the growing critical-minerals sector.
About the Author
