3rd Mar 2026 13:47
(Alliance News) - Pensana PLC on Tuesday announced that construction at its Longonjo Rare Earth Project is on track for first production next year.
The London-based developer, which is focused on developing a mine-to-magnet rare earth supply chain, said main construction activities "continue at pace" and that Longonjo "is looking forward to a twelve-month period of intense activity with commissioning scheduled for 2027."
At the rare earth mine, in Angola's Huambo Province, Pensana said the main pre-construction facilities are now operational, and that the process plant terrace and contractor's laydown areas are complete. Preparations for piling operations are "well advanced" and bulk earthworks and starter walls for the tailings storage facility are in progress. Also, the first large concrete pours are expected this month, and major equipment vendor packages continue on schedule, the firm said.
Pensana said that initial annual production will consist of 2,400 tonnes of light magnet metals neodymium & praseodymium, alongside 73 tonnes of heavy magnet metals dysprosium & terbium in the form of clean high value mixed rare earth carbonate. It plans, the company said, to double production to 4,200 tonnes of NdPr and 122 tonnes of DyTb after 2030.
The project's current resources exceed 300 million tonnes, and Pensana's previously announced 11,000 metre drill programme is intended to increase it to one billion tonnes. This would make Longonjo "one of the world's largest rare earth deposits ever developed."
Pensana added that "well advanced" talks are in progress with "a number of parties" to establish a US mine-to-magnet supply chain, which would realign a major long-term supply chain of critical minerals from Angola to original equipment manufacturer-backed magnet producers in the US.
It noted that since the fourth quarter of 2025, the quoted neodymium & praseodymium oxide price has "materially" increased from around USD83 per kilogram in November to over USD135 per kilogram in February.
"Against a backdrop of tightening supply chains, the company is experiencing increasing market interest in expanding beyond the planned 2,400 tonnes per annum of NdPr production and further leveraging the scale of the Longonjo resource base," Pensana added.
Pensana shares were down 7.1% at 104.50 pence on Tuesday afternoon in London.
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Pensana