According to foreign media reports, London-listed rare earth mining newcomer Pensana revealed that its Longonjo mine project in Angola is progressing steadily, with an expected total construction cost not exceeding $217 million. Meanwhile, the company has initiated new exploration work in the Coola region of Angola.
The Longonjo project has been underway for six years since its inception, during which Pensana has invested over $70 million in exploration and completed relevant technical and environmental studies. In May this year, the main construction project of the project commenced, and site preparation work proceeded smoothly.
The mine is expected to have an initial annual production capacity of 20,000 mt of mixed rare earth carbonate, with the potential to expand to 40,000 mt annually in the later stages. Notably, Pensana has reached a five-year underwriting agreement with Toyota Tsusho, a subsidiary of Japan's Toyota Motor Corporation.
In addition, the project has received support from several industry-leading companies, including Pro-Process Engineering (PPE), Lycopodium Group, and SRK Consulting, to jointly ensure the smooth progress and delivery of the project.