As the demand for electric vehicles (EVs) continues to rise, the yearly supply of graphite must increase significantly. By 2030, it needs to be approximately four times higher than it is now, and by 2040, about nine times higher. This surge is due to the essential role graphite plays in energy transition products, such as lithium-ion batteries.
Tim George, CEO of Pensana (London-listed), provided updates on the company’s Longonjo and Coola projects in Angola. George spoke about Angola’s vast, untapped critical minerals endowment, supported by good rail, hydropower, and port infrastructure, as well as a supportive government.
“Upstream is where we’re at at the moment. We have a fully designed separation facility for splitting up the rare earths in due course. Over the past year, our focus has been on getting the upstream going as the base upon which to further the downstream… The world’s your oyster once you have a supply chain started,” George explained.
He also mentioned the company’s “exciting exploration outlook,” with two projects located just a few kilometres away from Longonjo. “We’re waiting for the markets to change at the moment, in terms of the recognition of the work that’s been done, but we do believe that we tick most of the boxes at the moment for investment consideration once the current malaise is over,” he concluded.
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.
