Every week, a new concession agreement is signed or a foreign company invests in rare-earth mining projects in the continent of Africa. Africa has the world’s largest mineral reserves.
Countries like Burundi, Madagascar, Malawi, Kenya, Namibia, Mozambique, Tanzania, and Zambia have an abundance of neodymium, praseodymium, and dysprosium. Some deposits are already being developed through investment collaborations.
For instance, in 2020, Pensana Rare Earths, a British company, was granted the exclusive mining rights for the Longonjo Mine, a rare earths operation in Angola, for 35 years.
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.