On Monday, September 9, 2024, Pensana announced a non-binding memorandum of understanding in Angola to sell rare earths from the future Longonjo mine to the Japanese Hanwa.

Angola should become a new African producer of rare earths in 2025, thanks to the Longonjo project. The agreement signed covers the annual delivery of 20,000 000 tonnes de carbonate mixte de terres rares sur cinq ans, soit la moitié de la production annuelle projetée à la mine et qui s' élève à 40 tons of mixed rare earth carbonate. The signing of ' such a sales agreement ensures a reduction in é risks related to é s to the financing of the project, which should come into service in 2025. The development of the project has promising prospects in the rare earth market. In addition to the current concentration of supply in China, which makes any new source attractive, the airline can rely on increased demand. The initial investment required for the Longonjo mine and processing plants is estimated at $217 million. Pensana has reached an agreement to raise $156 million through debt and $80 million in equity, including an investment from the Angolan Sovereign Wealth Fund