Rare earth metal company Pensana seeks to jointly develop Longonjo rare earth mine with China Great Wall Industrial Group Co., Ltd.

SMM7 21 / PRNewswire-FirstCall-Asianet /-rare earth metals company Pensana has announced that it is establishing a partnership with China Great Wall Industrial Group Co., Ltd. (CGWIC) to develop its flagship mine in Angola, the Longonjo rare earth mine, which is scheduled to start production in 2022 and is located on top of the world's largest praseodymium-neodymium deposit.

Pensana said in March 2019 that it had significantly increased the estimated resources of the Longonjo mine to 240 million tons and the rare earth oxide grade of 1.6 per cent. The resources were raised again to 23 billion tons, an increase of 95.8 times, but the grade of rare earth ores was not disclosed.

The final feasibility study is expected to establish Longonjo as one of the world's major rare earth mines at a time of surging demand for magnet metals from electric vehicle and offshore wind turbine manufacturers.

According to the previously completed drilling plan, the company estimates that the amount of resources for the mine has increased significantly, and the life of the mine is expected to exceed 15 years.

It is reported that China Great Wall Industrial Group Co., Ltd. will raise 85 per cent of the initial capital (160 million pounds).

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