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-Pensana PLC on Tuesday said it is in advanced engagement with the Export-Import Bank of the United States for up to $160 million in debt funding. This would support the development of its Longonjo rare earth mine in Angola, a key step in establishing a US ‘mine-to-magnet’ supply chain. The London-listed rare earths developer said EXIM has issued a letter of interest to participate in the full debt funding of the Longonjo project, which will supply materials to US magnet production facilities under the bank’s supply chain resiliency initiative. The announcement follows Pensana’s memorandum of understanding with Vacuumschmelze GmbH & Co KG, or VAC, which includes a proposed offtake of products from Longonjo to support magnet production at VAC’s eVAC facility in Sumter, South Carolina. Pensana said the partnership qualifies the Longonjo mine for US government support, as it will supply rare earth materials directly into the American market. Chair Paul Atherley said EXIM’s involvement ‘brings critical financing capacity that expands upon what is available in commercial markets, helping to accelerate production to 2026 and advance US leadership in strategic materials.’ Located in Angola’s Huambo district, the $217 million Longonjo mine is expected to produce 20,000 tonnes of mixed rare earth carbonate annually from 2027, with plans to double capacity to 40,000 tonnes in a second phase. Pensana said EXIM’s support will strengthen US supply chain resilience and reduce reliance on Chinese imports. Shares in Pensana were up 1.6% at 114.84 pence in London on Tuesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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