Pensana inks offtake agreement with Toyota Tsusho for full initial production
London-listed rare earths developer Pensana has signed a memorandum of understanding (MoU) with Japanese multinational Toyota subsidiary Toyota Tsusho for the proposed offtake of up to 20 000 t/y of mixed rare earth carbonate (MREC) from Pensana’s Longonjo mine, in Angola.
The offtake will span a five-year period, with pricing still to be agreed.
Toyota Tsusho intends to collaborate with Pensana to develop a new, independent and sustainable supply chain for rare earth materials, using the Indian processing facility operated by its wholly-owned subsidiary Toyotsu Rare Earth India.
Additionally, Toyota Tsusho is also exploring deeper cooperation with Pensana as both parties jointly assess additional opportunities across the rare earth value chain.
Toyota Tsusho has been processing rare earth materials at its Indian facility since 2013 and continues to expand operations to meet growing demand from Japanese magnet manufacturers.
Toyota Tsusho metal resources GM Tsutomu Aoki says the MoU represents a significant step in the development of a global rare earth supply chain – not only to support Toyota Tsusho’s direct customer base but also to strengthen and diversify the broader rare earth value chain.
In turn, Pensana chairperson Paul Atherley says the partnership with Toyota Tsusho marks the next strategic step in establishing Longonjo as the most important rare earth development in more than a decade.
With main construction having started in May on the Longonjo project, initial production will be 20 000 t/y of MREC, while a proposed second phase expansion will see production increase to 40 000 t/y of MREC.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation