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.
"This agreement represents a significant step forward in our goal of providing an independent and sustainable supply of rare earth magnets for the electric vehicle and offshore wind industries. By having a significant partner across the globe, we now have further validation from the industry that Pensana's project is an essential element in the growing value chain for these critical minerals.
"We look forward to closely working with our partners and hope to expand our relationship as our project progresses with the introduction of metal conversion and heavy rare earth separation at our Saltend facility powered by offshore wind, offering ultra-low embedded carbon products essential for the energy transition," says chairperson Paul Atherley.