Name of the Project
Longonjo neodymium/praseodymium project.

Location
Central Angola, about 60 km west of Huambo and about 4 km from the Benguela railway line, which links the project to the Port of Lobito.

Project Owner/s
Rare earths developer Pensana Rare Earths holds an 84% interest in Longonjo through its 84% holding in Angola-registered company Ozango Minerais, which, in turn, owns 100% of the mining licence.

However, following receipt of the final $25-million funding tranche from the Angolan Sovereign Wealth Fund (FSDEA), Pensana has said its majority ownership in Ozango should decrease from 84% to 68.4%. The company noted in February 2026 that the effective ownership positions were expected to change further as part of the later global rare earths mining investment platform Cascade Natural Resources investment structure.

On March 4, 2026, Pensana announced that Cascade had increased its proposed strategic investment to $165-million from the previously announced $100-million. Under the revised structure, Cascade intends to invest $15-million in Pensana through the subscription of 13.55-million new ordinary shares at 80p a share, providing it with a 3.8% interest in Pensana.

This will coincide with the investment of a further $150-million in Pensana’s subsidiary Sable Min Unipessoa, which is a majority shareholder in Ozango Minerais – the developer of the Longonjo rare earths mine. 

As a result of the strategic investment, Cascade will own 3.8% of Pensana and 38.2% of Sable. The investment remains subject to long-form documentation and completion.

Alongside the proposed $160-million secured debt package from Absa, supported by the US Export-Import Bank, the Cascade strategic investment will provide for the construction of the Longonjo mine, including execution of the planned drill programme and heavy rare-earth element recovery facility, early downstream development initiatives, the costs associated with Pensana’s proposed Nasdaq listing and corporate costs ahead of Longonjo's first production.

The Angolan government holds a 10% interest and the company’s Angolan partners the remaining 6%. Pensana’s March 2026 corporate presentation has indicated that, after the completion of the Cascade investment, ownership at Ozango level will remain subject to final confirmation.

Project Description
Pensana has successfully delineated a near-surface Joint Ore Reserves Committee-compliant reserve of 22-million tonnes grading 3.04% total rare-earth oxides (TREOs) containing 139 457 t of neodymium/praseodymium (NdPr) oxides, making it one of the world’s largest and highest-grade, undeveloped magnet metal rare-earth deposits, with a mine life exceeding 20 years. 

The mine execution plan is based on a staged development of the mine and processing facilities.

Initial production will be about 20 000 t/y of a highly marketable clean mixed rare-earth carbonate (MREC), including light rare-earth elements and heavy rare-earth elements, containing about 2 400 t/y of NdPr and 73 t/y of dysprosium/terbium (Dy+Tb). 

A proposed second phase expansion will result in production increasing to 40 000 t/y of MREC containing 14 000 t of TREOs, and up to 4 400 t of NdPr oxides from 2030 is expected to increase output to 40 000 t/y of MREC containing about 4 200 t/y of NdPr and 122 t/y of Dy+Tb. This equates to about 5% of the worldwide production of NdPr oxides a year for downstream processing or sale on the international market.

Pensana’s more recent corporate material is centred on a broader US mine-to-magnet strategy, supported by the Lobito Corridor, rather than solely on the earlier Saltend separation route.

Potential Job Creation
The project is expected to create 600 high-value jobs, of which more than 50% are expected to be allocated to young people.

Once in full production, the project will create an estimated 2 400 direct and indirect jobs.

Net Present Value/Internal Rate of Return
Pensana’s March 2026 corporate presentation states a project net present value of $1.7-billion and a payback period of less than two years. 

Capital Expenditure
Capital cost is estimated at $217-million, including contingencies, which Pensana claims is among the lowest for rare earth developments of this scale.

Planned Start/End Date
Main construction started in May 2025. Longonjo is expected to be commissioned in 2027, producing 20 000 t/y of mixed MREC, with a planned expansion to 40 000 t/y once initial operations have been established. Pensana’s March 2026 presentation indicates expansion from 2030.

Latest Developments
Pensana announced on March 3, 2026, that construction at Longonjo remained on track for first production in 2027. The company said bulk earthworks had been the principal focus during the first quarter of 2026, with tailings storage facility excavation, plant terrace compaction, power infrastructure works and wastewater treatment infrastructure all advancing.

Pensana also said off-site engineering and equipment packages were progressing on schedule.

Key Contracts, Suppliers and Consultants
ADP (main contractor); MCC (main construction); NCP International (equipment); Bushtec (accommodation facilities); ProProcess Engineering (modular process units); Grupo Nov (contractor);  DHL (international procurement and logistics); Lycopodium Group and SRK Consulting (project delivery partners); and ABG Sundal Collier (Pensana’s financial adviser); and RMCE, Crush & Screen, Cobar and TRM (engineering, civils and equipment workstreams).

Contact Details for Project Information
Pensana Rare Earths, email admin@pensana.co.uk or ir@pensana.co.uk.