Pensana (LSE:PRE) says the Longonjo development is on target and on budget for first mixed rare earth carbonate (MREC) commissioning in 2027, with a 20-year mine life producing 20,000 tpa initially and expanding to 40,000 tpa in year four, and the company reports $36 million spent, main construction 22% complete and approximately $135 million of the $250 million capex committed.
"We now look forward to the progressive arrival of the main process plant equipment currently being manufactured offsite and completing the balance of the main construction phase in the coming year," said Tim George, Pensana CEO.
The company is engineering a modular separation facility with a metallization circuit and is upgrading a heavy rare earth recovery circuit to target over 122 tonnes per year of dysprosium and terbium, and an EU Horizon Europe grant supports linking separation into metal conversion with first integrated mine-to-magnet output targeted for 2028.
Pensana has built a multi-partner offtake framework anchored by Toyota Tsusho (up to 20,000 tpa MREC under an MOU), alongside MOUs with ReElement Technologies and VAC/eVAC Magnetics, and says its pipeline of MOUs could cover up to 100% of Phase 1 output.
Preparations for a NASDAQ listing are underway and the near-term milestones are progressive delivery of main process plant equipment and first MREC commissioning in 2027.
