Pensana Advances $250M Rare Earth Mine in Angola, Targets 2027 Production

Published: Jun 12, 2026 09:12

Save

According to overseas media reports, London-listed Pensana announced that construction of the Longonjo rare earth mine in Angola is progressing as planned, with a total investment of $250 million, targeting first commissioning and production of mixed rare earth carbonate (MREC) in 2027. The mine has a life of 20 years, with initial annual production of 20,000 mt of mixed rare earth carbonate, expanding to 40,000 mt in the fourth year. $36 million has been invested in the development of the mine and beneficiation plant, and main construction works are 22% complete. Manufacturing of long-lead equipment is progressing well, with committed procurement capital expenditure of approximately $135 million. The company is optimizing the heavy rare earth recovery circuit, targeting over 122 mt per year of dysprosium and terbium, positioning Longonjo as one of the largest heavy rare earth producers in the Western world. The modular separation facility can be expanded with mine expansion and includes a metallization circuit. Pensana has signed a non-binding memorandum of understanding with Toyota Tsusho for the offtake of up to 20,000 mt per year of mixed rare earth carbonate from Longonjo for a five-year term. The company has established a multi-partner offtake framework covering Japan's Toyota Tsusho, US-based ReElement Technologies, and US/Germany-based VAC/eVAC Magnetics. The project has received a $165 million strategic investment from Cascade Natural Resources and debt financing from ABSA, with political and commercial risk insurance provided by the US Export-Import Bank.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

39 mins ago

SMM Rare Earth Afternoon Trading Comment on September 7

39 mins ago

7 hours ago

[SMM Rare Earth Morning Meeting Summary] Pr-Nd series raised by futures boost but transactions failed to follow, medium-heavy rare earth dysprosium and terbium stable with slight adjustments, magnetic material followed the rise but spot orders limited

[Pr-Nd series raised on futures boost but transactions lagged, medium-heavy rare earth dysprosium and terbium stable with slight adjustments, magnetic material price hikes limited by spot orders] Last week, Pr-Nd oxide quotations were broadly raised, buoyed by stronger futures, with low-priced spot cargo in the market visibly dwindling. Gains narrowed slightly near the close, but downstream magnetic material enterprises remained cautious in purchasing and showed limited acceptance of high prices, leaving actual transactions insufficient to follow through. Dysprosium oxide prices held steady for the time being, with market inquiries maintaining a just-in-time pace. Terbium oxide also remained stable, while transactions for high-priced cargo struggled to move forward.

7 hours ago

Sep 4, 2026 19:09

Jintian Co., Ltd.: H1 net profit up 18.44% YoY, total copper and copper alloy material production at 959,500 mt

Sep 4, 2026 19:09