Pensana Plc - MOU with Toyota Tsusho Corporation for Rare Earth Offtake
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
("Pensana" or the "Company")
MOU with
Key terms of the MOU include:
-- A proposed offtake of up to 20,000 tonnes per annum of ultra-clean Mixed
Rare Earth Carbonate ("MREC") from the Longonjo mine over a five-year
period, with pricing to be agreed.
-- Toyota Tsusho intends to collaborate with Pensana to develop a new,
independent, and sustainable supply chain for rare earth materials,
utilizing the Indian processing facility operated by its wholly owned
subsidiary, Toyotsu Rare Earth India (TREI).
-- Toyota Tsusho is also exploring deeper cooperation with Pensana as both
parties jointly assess additional opportunities across the rare earth
value chain.
Since 2013, Toyota Tsusho has been processing rare earth materials at its Indian facility and continues to expand operations to meet the growing demand from Japanese magnet manufacturers.
Mr.
"This MOU represents a significant step in the development of a global rare earth supply chain-not only to support Toyota Tsusho's direct customer base but also to strengthen and diversify the broader rare earth value chain."
Mr.
"This partnership with Toyota Tsusho marks the next strategic step in establishing Longonjo as the most important rare earth development in over a decade."
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.
About Toyota Tsusho
Toyota Tsusho Corporation is the trading arm of the
About Longonjo
Pensana has spent over
The Company has successfully delineated a near surface JORC compliant reserve of 22 million tonnes grading 3.04% TREO containing 139,457 tonnes of NdPrO making it one of the world's largest and highest grade, undeveloped magnet metal rare earth deposits with a mine life of over 20 years.
The electrification of motive power is arguably the biggest energy transition in history and needs rare earths for permanent magnets.
Initial production will be 20,000 tonnes of a highly marketable clean MREC. A proposed second phase expansion will see production increase to 40,000 tonnes per annum of MREC representing around 5% of the world's production capable of being converted into permanent magnets for electric vehicles and offshore wind turbines.
The Company is committed to developing the Longonjo mine to the very best international standards with the highest level of community engagement and has published a blueprint for sustainable rare earth development which is available on our website. Pensana_Blueprint_for_Sustainable_Rare_Earths.pdf
The team's efforts were recognised in 2022 when Pensana received green bond assurance by S&P Green Bond Rating Agency CICERO and more recently were awarded a
The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement via a
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