- Pensana Longonjo offtake network now spans three continents, anchored by non-binding MOUs with Toyota Tsusho (Japan), ReElement Technologies (US) and VAC/eVAC Magnetics (US/Germany).
- Construction at the Angola mine is 22% complete, with $36 million spent of a $250 million build and first MREC output targeted for 2027.
- A heavy rare earth recovery upgrade targets 122 tonnes a year of dysprosium and terbium oxide combined, up from an initial design of around 30 tpa.
- The proposed $165 million Cascade Natural Resources investment and $160 million ABSA/US EXIM debt package remain subject to finalisation.
- Pensana is preparing a NASDAQ listing alongside its existing LSE listing (LSE: PRE) to widen access to US institutional capital.
Pensana Plc has set out an expanded Pensana Longonjo offtake framework alongside a construction and financing update for its Longonjo rare earth mine in Angola, detailing how the project’s mixed rare earth carbonate (MREC) output is being contracted across Japan, the United States and Europe ahead of first production in 2027.
Offtake Framework Spans Three Continents
The Pensana Longonjo offtake pipeline is built on non-binding MOUs rather than binding contracts. Toyota Tsusho Corporation has proposed taking up to 20,000 tonnes per year of MREC over five years, to be separated by its Indian subsidiary Toyotsu Rare Earths India. ReElement Technologies has proposed a parallel MREC offtake for processing at its Marion, Indiana facility. In the United States, Vacuumschmelze’s eVAC Magnetics business in South Carolina is positioned to take MREC feedstock for NdFeB magnet production, scaling from an initial 2,000 tonnes per year toward 12,000 tpa by 2029. A further 10,000 tpa MREC agreement with an undisclosed European partner is also referenced.
Heavy Rare Earth Recovery Circuit
Alongside the offtake build-out, Pensana is engineering a heavy rare earth element (HREE) recovery circuit designed to lift combined dysprosium and terbium oxide output at Longonjo to roughly 122 tonnes a year. The company frames this as material to its competitive position, since few Western-aligned MREC producers currently offer meaningful heavy rare earth content. A modular separation facility, building on prior Saltend front-end engineering design work, is under evaluation to convert both light and heavy rare earth oxides into metal for direct supply to magnet producers.
Financing Still Being Finalised
The commercial detail behind the Pensana Longonjo offtake strategy depends on financing that has not yet closed. Pensana received the first $15 million tranche of a proposed $165 million strategic investment from Cascade Natural Resources in April 2026, but the balance of that investment — along with a proposed $160 million ABSA debt package guaranteed by the US Export-Import Bank — remained subject to long-form documentation as of the most recent filings. Cascade is Qatar-backed; in June 2026 it appointed Sheikh Dr Badr Al-Hajri to its board, with Pensana citing the appointment as reinforcing support for the investment. On completion, Cascade is expected to hold roughly 4% of Pensana and 38.2% of Sable Min, the subsidiary that controls the Longonjo project company. Full terms should be checked against Pensana’s Investegate filings before relying on a specific completion date.
Construction Progress and Production Timeline
Main construction at Longonjo is reported at 22% complete, with site earthworks, geotechnical work and initial test-piling finished and the on-site concrete batch plant operational. Phase 1 targets 20,000 tonnes per year of MREC from first production in 2027, expanding to 40,000 tpa in a Phase 2 build from around 2029. The project sits close to the Lobito Corridor rail line, which Pensana intends to use to export MREC to the Atlantic port of Lobito. Coverage of construction progress can be cross-checked against Mining Weekly’s reporting on the project.
What is Pensana’s offtake strategy for Longonjo?
Pensana is building a network of non-binding offtake agreements for its Longonjo mixed rare earth carbonate across Japan, the United States and Europe, intended to supply both trading houses and magnet manufacturers.
Is the Cascade Natural Resources investment in Pensana finalised?
The investment has been partially funded through an initial tranche, with the remaining balance and associated debt financing subject to completion of formal documentation. Check Pensana’s latest regulatory filings for current status.
What is Longonjo’s heavy rare earth potential?
Pensana is developing a recovery circuit intended to add meaningful dysprosium and terbium oxide output alongside its primary light rare earth production, positioning Longonjo among a small group of Western-aligned heavy rare earth sources.
When is Longonjo expected to reach production?
Pensana is targeting first mixed rare earth carbonate output in 2027, with a subsequent expansion phase planned for later in the decade.
Where does Longonjo’s MREC get exported from?
The Longonjo project is positioned near Angola’s Lobito Corridor rail line, which Pensana intends to use to move product to the Atlantic coast for export.
