REG-Pensana Plc: Longonjo mixed rare earth carbonate product quality approval

PensanaAnnouncement

05/02/2024 07:15

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Pensana Plc

 

Longonjo mixed rare earth carbonate product quality approval

 

Pensana is pleased to announce that one of its major potential customers has
approved the product qualification specifications for Longonjo's proposed
mixed rare earth carbonate (MREC) product.

 

Longonjo is expected to produce 20,000 tonnes of MREC commencing 2026 and
40,000 tonnes of MREC from 2029 onwards following the planned expansion. The
Longonjo MREC contains 50% Total Rare Earth oxide of which 24% is NdPr with
minimal impurities and is radionuclide-free.

 

Tim George CEO commented "We are very pleased to receive this important
product quality approval for the Longonjo mixed rare earth carbonate which
follows extensive pilot plant test work in Perth, Western Australia. Our
understanding is that there is expected to be a shortage of high quality,
clean product coming onto the market in the near future, and this puts us in a
strong position when looking to secure offtake arrangements."

 

About Longonjo

 

The electrification of motive power through EVs and Wind Turbines is the
biggest energy transition in history and is forecast to generate a demand
growth for magnet metal NdPr of 7.5% CAGR over the next decade.

 

Pensana owns one of the world's largest undeveloped rare earth mines, and one
of only three with a JORC Reserve greater than 100,000 tonnes of NdPr.

 

At full production Longonjo will produce ~5% of world production of NdPr in
the form of an exported mixed rare earth carbonate.

 

The upfront capital cost of US$200 million for the fully permitted mine and
processing facilities is amongst the lowest amongst its peers making Pensana
highly competitive.

 

Pensana also has a fully permitted US$250 million downstream separation
facility at the Saltend Chemicals Park in the Humber Freeport.

 

Financing for each of the Longonjo and Saltend projects is currently underway.

   

The information contained within this announcement is considered by the
Company to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014. Upon the publication of this announcement via a
Regulatory Information Service, this inside information will be considered to
be in the public domain. The person responsible for arranging for the release
of this announcement on behalf of the Company is Paul Atherley, Chairman.

 

- ENDS -

 

For further information, please contact:

 

Shareholder/analyst enquiries:

Pensana Plc 

Paul Atherley, Chairman IR@pensana.co.uk 

Tim George, Chief Executive Officer

Rob Kaplan, Chief Financial Officer

 

 

 

 

 



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