London-listed Pensana has signed a memorandum of understanding (MoU) for offtake of 25% of its yearly production of raw materials used for the production of magnet materials.
Pensana says it is pleased to be entering into this strategic relationship by supplying rare earth oxides from the Saltend processing hub.
Pensana recently broke ground at the Saltend Chemical Park, in the Humber Freeport, in the UK, with high-value raw materials supplied from the hydroelectric-powered state-of-the-art mine at Longonjo, in Angola.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.