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Pensana PLC on Wednesday announced an upgraded ore reserve estimate and engineering update for its Longonjo rare earth project in Angola, describing it as one of the largest and highest-grade undeveloped magnet metal projects in the world. The London-based rare earth explorer said the updated ore reserve grade has increased to 3.04% total rare earth oxides, containing 139,000 tonnes of neodymium-praseodymium oxide, or NdPr, with a mine life of more than 20 years. Initial production of 20,000 tonnes per year of mixed rare earth carbonate is targeted to start in late 2026. The company said it has already received strong offtake interest for both the initial and proposed second-phase output. The construction of the modularised process plant is expected to begin in the coming weeks. The $217 million capital cost, including contingency, is among the lowest for a rare earths project of its scale, thanks to existing infrastructure and low strip ratio, according to Pensana. ‘The electrification of motive power is arguably the biggest energy transition in history and needs rare earths for permanent magnets,’ Pensana said. It added that Longonjo could eventually provide around 5% of global MREC output and cut over 4 million tonnes of CO2 by replacing fossil fuel electricity with hydro-powered operations. Shares in Pensana were down 0.4% at 22.90 pence at midday on Wednesday in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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