Rare earths developer Pensana has signed a five-year offtake agreement with Toyota Tsusho, a subsidiary of Toyota Group, for up to 20,000 tons per year of mixed rare earth carbonate from the Longonjo mine in Angola. Pricing details are yet to be finalized. Under the Memorandum of Understanding (MoU), the two companies aim to develop an independent and resilient rare earth supply chain. Toyota Tsusho intends to process the material at its facility in India,
London-listed Pensana has secured a fresh £2-million in funding, with £1-million coming from major institutional shareholder M&G Investment Management, and an additional £1-million from other strategic investors. This new investment follows a recent $25-million injection by the Angolan sovereign wealth fund, Fundo Soberano de Angola, into Ozango Minerais, Pensana’s 84%-owned subsidiary. The funding has enabled the commencement of main construction works at the Longonjo rare earths project in Angola. Pensana holds an 84% interest in
Sintana Energy Inc. has secured a new exploration opportunity in Angola through a strategic agreement that strengthens its position in West Africa’s energy sector. The agreement grants Sintana an indirect 5% interest in the KON-16 onshore block in Angola’s Kwanza Basin through a partnership with UK-based Corcel Plc. The collaboration also opens the door for both companies to pursue additional ventures across the region. As part of the deal, Sintana will invest $2.5 million—beginning with
Pensana, a London-listed rare earths developer, has confirmed the terms and timeline for the first $25-million equity tranche from the Angolan Sovereign Wealth Fund. This follows the successful securing of full project financing for the Longonjo rare earths project in Angola. The funds will be used to commence main construction activities on-site. In addition, the Angolan Sovereign Wealth Fund has agreed to convert a previously issued $15-million bridging loan—provided over the past 18 months to
Burkina Faso’s military-led government has granted an industrial mining license to Russian company Nordgold for the development of a new gold project. The move comes as the West African nation seeks to capitalize on record-high gold prices to strengthen an economy battered by ongoing insecurity, according to Reuters. Last year, Burkina Faso reaffirmed its commitment to deepening ties with Russia, emphasizing that the partnership extends beyond military cooperation. This latest development highlights the country’s growing
Production at Angola’s Longonjo mine, slated to begin in 2027, is projected to meet 2.5% of global rare earth demand, according to Alcídio José, Chairman of Ozango Minerais, the company overseeing the project. The mine, located in Longonjo, approximately 70 km from Huambo, is part of a strategic initiative that includes shareholders like the British company Pensana and the Angolan Sovereign Fund. The Longonjo mine will play a crucial role in the energy transition, producing
Following the approval of a $268 million financing package, newly appointed UK Ambassador to Angola, Bharat Joshi, visited the Longonjo site to assess progress ahead of construction. Accompanied by Country Manager Geraldine Tchimbali, local Huambo authorities, community leaders, and the press, the ambassador observed site preparations for the Pensana rare earths project. Joshi emphasized the global significance of Longonjo, stating, “Longonjo might seem like a small village in the heart of Angola, but for the
Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo, has announced that niobium production will begin this year in Quilengues, Huila. The long-awaited project is expected to commence once electricity supply issues at the site are resolved. “If everything proceeds as planned, production activities will begin this year in the first phase, with future expansion planned,” Azevedo stated during a meeting with Niobonga, the Chinese company overseeing production. He emphasized the project’s significance, noting
London-listed Pensana has secured full financing of $268 million for the development of its Longonjo rare earth project in Angola, marking a significant step forward for the global magnet metal supply chain. The Africa Finance Corporation (AFC) has approved a $81.2 million contribution to a $160 million syndicated loan facility, alongside South Africa’s Absa Bank. This facility will cover 60% of Phase 1 funding, subject to final loan documentation and conditions precedent. The remaining funding
AIM-listed Botswana Diamonds has applied for 11 prospecting licences in Botswana, targeting copper, silver, cobalt, gold, nickel, zinc, and platinum group metals. This move follows the company’s AI-driven exploration programme, which initially focused on diamonds but uncovered hidden polymetallic deposits across the country. The nationwide AI exploration initiative began with a focus on diamonds. However, during data analysis, it became evident that the technology could also identify undiscovered polymetallic targets. “Our analysis has revealed a
