Pensana Rare Earths in Discussions with China Great Wall for Longonjo Project

Rare earths metals firm Pensana has today announced that it is exploring a partnership with China Great Wall Industry Corporation (CGWIC) to develop its flagship mine in Angola, the Longonjo rare earth mine, which is scheduled to start production in 2022 and is located on top of the world's largest praseodymium-neodymium deposit.

China Great Wall Industry Corporation is the sole commercial organization authorized by the Chinese government to provide commercial launch services, satellite systems and to carry out space technology cooperation. It is a subsidiary of China Aerospace Science and Technology Corporation. As a professional company promoting international cooperation for China's space industry, CGWIC is devoted to the internationalized development of China's space industry.

CGWIC has developed into a system integrator for space products and services. It can meet customers' multi-directional needs by providing comprehensive solutions for commercial launch services, satellite export, satellite ground tracking and control station construction, satellite applications, project financing, project insurance, and technical training, etc.

Pensana Rare Earths is bringing into production one of the world's largest and higher grade rare earth projects. Located adjacent to the $1.8 billion refurbished Benguela rail line, it offers unprecedented transport connections and a source of high-grade rare earth metals from mine to customer. Leveraging years of industry experience, coupled with our guarantee for reliability and sustainability of supply, the company introduces an innovative NdPr solution to power magnets, wind turbines, hybrid motor vehicles, and more.

Pensana said in March 2019 that it would substantially increase the estimated resources of the Longonjo mine to 240 million tons, with a rare earth oxide grade of 1.6%. This time the resource amount was raised again to 23 billion tons, an increase of 95.8 times, but the grade of rare earth ore was not disclosed.

At a time of surging demand for magnet metals from electric vehicle and offshore wind turbine manufacturers, the final feasibility study is expected to establish Longonjo as one of the world's major rare earth mines.

According to the previously completed drilling plan, Pensana Rare Earths's estimated resources for the mine have risen sharply and the mine's life expectancy will exceed 15 years. China Great Wall Industry Corporation will look to build the Longonjo mine for Pensana, and will potentially finance up to 85 per cent of initial £160m required later this year.

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