Pensana signs a Memorandum of Understanding for 25% of production

Pensana plc

Pensana plc (LON:PRE) has signed a memorandum of understanding for offtake of 25% of annual production to supply critical raw materials for production of magnet materials needed to support the burgeoning demand for electric vehicles and offshore wind.

Pensana is extremely pleased to be entering into this strategic relationship by supplying Rare Earth oxides from the Saltend processing hub in the freeport Hull, we will continue to develop the independent and sustainable supply chain for low carbon rare earth products to be produced in Europe.

Pensana recently broke ground at the Saltend Chemical Park in the Humber Freeport UK with high-value raw materials supplied from the hydroelectric-powered state-of-the-art mine at Longonjo in Angola.

Chairman Paul Atherley commented:

“This agreement represents a significant step forward in our goal of providing an independent and sustainable supply of rare earth magnets for the Electric Vehicle and offshore wind industries. By having a significant partner across the globe, we now have further validation from the industry that Pensana’s project is an essential element in the growing value chain for these critical minerals.

We look forward to closely working with our partners and hope to expand our relationship as our project progresses with the introduction of Metal conversion and Heavy Rare earth separation at our Saltend facility powered by offshore wind, offering ultra-low embedded carbon products essential for the energy transition.”

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