|
Pensana PLC on Monday said it signed a non-binding memorandum of understanding for a rare earth offtake agreement with Toyota Tsusho Corp, part of Toyota Group. Pensana, a rare earths explorer developing rare earth deposits vital for electric vehicles and wind turbines, said the companies proposed an offtake of up to 20,000 tonnes per year of ultra-clean mixed rare earth carbonate from the Longonjo mine in Angola over a five-year period, with pricing to be agreed. Pensana said: ‘Signature of the MOU marks another key milestone in Pensana’s journey to deliver rare earth products into the global value chain and underscores the company’s commitment to building a resilient and sustainable supply network.’ Pensana Chair Paul Atherley said: ‘This partnership with Toyota Tsusho marks the next strategic step in establishing Longonjo as the most important rare earth development in over a decade.’ Pensana shares rose 5.1% to 57.40 pence each on Monday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
