British company Pensana Plc has announced that it has entered into a Memorandum of Understanding (MoU) with a prominent Japanese firm, Hanwa Co. Ltd. This agreement, though non-binding at present, marks a significant step in the potential partnership between the two companies. The focus of the MoU centres around an offtake proposal for up to 20,000 tonnes per annum of ultra-clean Mixed Rare Earth Carbonate. This resource would be sourced from the Longonjo mine over a period of five years, with pricing details to be determined later.
Hanwa’s role in this collaboration extends beyond just an offtake agreement. The Japanese company has expressed its intention to assist Pensana in both marketing and distributing the rare earth material across the global market. Additionally, Hanwa aims to contribute to the development of a strategic and sustainable supply chain, specifically focused on magnet metal materials. This move reflects a broader vision for a more resilient and environmentally conscious approach to sourcing critical resources.
This partnership signals an important step for both Pensana and Hanwa as they explore ways to strengthen their positions in the rare earth metals industry while working towards a more sustainable future.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.
