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.
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