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Pensana PLC on Monday said it signed a non-binding memorandum of understanding for a rare earth offtake agreement with Toyota Tsusho Corp, part of Toyota Group.
Pensana, a rare earths explorer developing rare earth deposits vital for electric vehicles and wind turbines, said the companies proposed an offtake of up to 20,000 tonnes per year of ultra-clean mixed rare earth carbonate from the Longonjo mine in Angola over a five-year period, with pricing to be agreed.
Pensana said: ‘Signature of the MOU marks another key milestone in Pensana’s journey to deliver rare earth products into the global value chain and underscores the company’s commitment to building a resilient and sustainable supply network.’
Pensana Chair Paul Atherley said: ‘This partnership with Toyota Tsusho marks the next strategic step in establishing Longonjo as the most important rare earth development in over a decade.’
Pensana shares rose 5.1% to 57.40 pence each on Monday morning in London.
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