Pensana PLC (LSE:PRE, OTC:PNSPF) chairman Paul Atherley joined Proactive's Stephen Gunnion with more details about the company, which is advancing one of the world's largest undeveloped rare earth mines – the Longonjo neodymium-praseodymium (NdPr) mining project in western Angola.
At full production, Longonjo is expected to produce roughly 5% of the world production of NdPr in the form of an exported mixed rare earth carbonate. The development is critical for producing magnet metals used in electric vehicle motors and offshore wind turbines, diversifying the supply chain currently dominated by China.
The upfront capital cost of US$200 million for the fully permitted mine and processing facilities is amongst the lowest amongst its peers making Pensana highly competitive.
Following the release of a technical due diligence report on the Longonjo project for its financiers, Atherley said Pensana is in the final stage where it can proceed with the building of the project.