The government of Namibia said on Thursday that it has barred...

The government of Namibia said on Thursday that it has barred the export of unprocessed lithium and other vital minerals in an effort to capitalize on the rising demand for metals used in renewable energy technology worldwide.

Both lithium, which is essential for storing renewable energy, and rare earth minerals like dysprosium and terbium, which are needed for permanent magnets in the batteries of electric automobiles and wind turbines, are abundant in the southern African nation.

"Cabinet approved the prohibition of the export of certain critical minerals such as unprocessed crushed lithium ore, cobalt, manganese, graphite, and rare earth minerals," the country's information ministry relayed via a statement.