Name of the Project
Longonjo neodymium/praseodymium project.

Location
Huambo, Angola – 4 km from a modern rail line leading directly into the Port of Lobito in the Atlantic Ocean.

Project Owner/s
Rare earths developer Pensana Rare Earths holds an 84% interest in Longonjo through its 84% holding in Angola-registered company Ozango Minerais, which, in turn, owns 100% of the mining licence.

The Angolan government holds a 10% interest and the company’s Angolan partners the remaining 6%.

Project Description
Pensana has successfully delineated a near-surface Joint Ore Reserves Committee-compliant reserve of 22-million tonnes grading 3.04% total rare-earth oxides (TREOs) containing 139 457 t of neodymium/praseodymium (NdPr) oxides, making it one of the world’s largest and highest-grade, undeveloped magnet metal rare earth deposits, with a mine life exceeding 20 years.

The mine execution plan is based on a staged development of the mine and processing facilities.

Initial production will be 20 000 t/y of a highly marketable clean mixed rare-earth carbonate (MREC). A proposed second phase expansion will result in production increasing to 40 000 t/y of MREC containing 14 000 t of TREOs, and up to 4 400 t of NdPr oxides. This equates to about 5% of the worldwide production of NdPr oxides a year for downstream processing or sale on the international market.

Initial feedstock will be shipped as a clean, high-purity mixed rare earth sulphate to Pensana’s Saltend rare earth oxide separation facility, in the UK.

Potential Job Creation
The project is expected to create 600 high-value jobs, of which more than 50% are expected to be allocated to young people.

Once in full production, the project will create an estimated 2 400 direct and indirect jobs.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Capital cost is estimated at $217-million, including contingencies, which Pensana claims is among the lowest for rare earth developments of this scale.

Planned Start/End Date
Main construction started in May 2025. Longonjo is expected to produce 20 000 t of MREC, starting in 2026, and 40 000 t of MREC from 2029 following the planned expansion.

Latest Developments
Pensana has secured a $100-million subscription from a strategic investor to advance its US mine-to-magnet strategy.

The investor will subscribe for 95-million new ordinary shares, subject to confirmatory due diligence on the Longonjo rare earths project and shareholder approvals for the share issue and allotment.

Separately, Pensana will issue 2.85-million new shares to institutional investors for $3-million.

The company has said the funds will support ongoing development of the Longonjo project ahead of upcoming US restrictions, including a 2027 ban on Chinese-origin rare-earth magnets or materials in US weapons systems and a 25% tariff on Chinese rare earths starting in 2026. The investment is also intended to position Longonjo as a secure supply source of NdPr for civilian markets.

Capital will further be directed toward additional drilling to extend the mine life and establish Longonjo as one of the world’s largest rare-earth operations. Pensana plans to develop co-products such as heavy rare-earth oxides alongside magnet metals and to progress preparations for a planned Nasdaq listing in 2026.

Meanwhile, construction at Longonjo continues to advance, supported by the Angola Sovereign Wealth Fund FSDEA, which recently released the remaining portion of its $25-million financing facility.

ABG Sundal Collier, an independent Nordic investment bank, acted as Pensana’s adviser and intermediary for the strategic investment.

Key Contracts, Suppliers and Consultants
ADP (main contractor); MCC (main construction); NCP International (equipment); Bushtec (accommodation facilities); ProProcess Engineering (modular process units); Grupo Nov (contractor); Deugro (international procurement and logistics); Lycopodium Group and SRK Consulting (project delivery partners); and ABG Sundal Collier (Pensana’s financial adviser).

Contact Details for Project Information
Pensana Rare Earths, email admin@pensana.co.uk or ir@pensana.co.uk.