Pensana
Pensana Plc (LSE: PRE) is a London-listed rare earth mining company developing the Longonjo mine in Angola to produce Mixed Rare Earth Carbonate and heavy rare earth oxides for Western automotive OEMs, Japanese magnet manufacturers, and US defense and clean energy customers via a vertically integrated mine-to-magnet supply chain targeting 2027 first production.
- Company typePublic
- Founded2018
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Pensana does
Pensana Plc is a London-listed (LSE: PRE) rare earth mining and development company building a vertically integrated mine-to-magnet supply chain anchored by the Longonjo Rare Earth Mine in Huambo Province, Angola. The company's core technology combines conventional open-pit extraction with specialized concentration techniques to produce Mixed Rare Earth Carbonate (MREC) targeting 50% TREO content and 24% NdPr concentration, from a deposit containing 21.54 million tonnes of mineral reserves at 3.04% TREO and approximately 654,965 tonnes of contained rare earth oxide. A selective recovery circuit can increase heavy rare earth oxide production fivefold — from approximately 30 tonnes per year to up to 160 tonnes per year — yielding roughly 130 tonnes of dysprosium oxide and 30 tonnes of terbium oxide annually, with first production targeted for 2027 at an initial 20,000 t/y capacity expandable to 40,000 t/y. Construction was 22% complete as of mid-2026 with approximately $135M of the $250M total capex committed under procurement.
The company's go-to-market is sales-led, anchored by non-binding offtake MoUs with Western automotive OEMs (Tesla, GM, Mercedes-Benz, BMW, Volkswagen, Jaguar Land Rover), Japanese magnet manufacturers (Toyota Tsusho, Shin-Etsu, Proterial, TDK), and US magnet production partnerships with VAC/eVAC Magnetics and ReElement Technologies. Pensana is currently pre-revenue; all funding to date (approximately US$335 million in equity and debt) is directed toward mine construction. In October 2025, the company abandoned its £250 million UK Saltend refinery plan, citing insufficient UK government support (£5M grant) against Chinese producers, and pivoted to a US-focused strategy leveraging US EXIM political risk insurance, a US DFC technical assistance grant, and a targeted Nasdaq listing in mid-2026. The Longonjo project is positioned as a non-China supplier ahead of the 2027 US ban on Chinese-origin rare earth magnets in defense systems, accessing Atlantic shipping routes via the Lobito Corridor.
Pensana firmographics
Firmographics- Name
- Pensana
- Legal name
- Pensana Plc
- Website
- https://pensana.co.uk
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Pensana Plc (LSE: PRE) is a London-listed rare earth mining company developing the Longonjo mine in Angola to produce Mixed Rare Earth Carbonate and heavy rare earth oxides for Western automotive OEMs, Japanese magnet manufacturers, and US defense and clean energy customers via a vertically integrated mine-to-magnet supply chain targeting 2027 first production.
- Ownership category
- akta.pro rank
Pensana industry classification
Industry- Product category
- Rare Earth Mining
- NAICS
- Other Metal Ore Mining (212290), Nonferrous Metal (except Aluminum) Smelting and Refining (33141)
- SIC
- Miscellaneous Metal Ores (1090)
- akta.pro primary industry
- Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)
Keywords
Where Pensana is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
Pensana business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- Rare Earth Product Sales (MREC): Pensana will generate revenue by selling Mixed Rare Earth Carbonate (MREC) produced from the Longonjo mine. The company has secured offtake agreements with Toyota Tsusho (MOU for up to 20,000 t/y), multiple Japanese magnet producers (Shin-Etsu, Proterial, TDK), major Western automotive OEMs (Tesla, GM, Mercedes-Benz, BMW, Volkswagen, Jaguar Land Rover), VAC/eVAC Magnetics, and ReElement Technologies. First production targeted for 2027. Currently pre-revenue.
- Strategic Equity Investment (Non-operating): The company receives strategic equity investments to fund mine development and construction. US$165 million from Cascade Natural Resources (US$15M for 3.8% stake in Pensana + US$150M for 38.2% stake in subsidiary Sable Min), plus US$160 million ABSA debt financing backed by US EXIM Bank. Angola's FSDEA sovereign wealth fund holds a 29.1% equity stake in Pensana.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Mixed Rare Earth Carbonate (MREC) offtake — no publicly disclosed pricing tiers; terms governed by individual offtake agreements |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Pensana product offering
Product offeringCore offering
Pensana is developing the Longonjo Rare Earth Mine in Angola and establishing a vertically integrated US-facing mine-to-magnet supply chain. Once operational in 2027, the company will mine and process Mixed Rare Earth Carbonate (MREC) containing neodymium-praseodymium (NdPr) and heavy rare earth oxides (dysprosium and terbium), selling it under long-term offtake agreements to Western automotive OEMs, Japanese magnet manufacturers, and US defense/clean energy customers as a non-China source of critical magnet metals.
Product overview
Pensana is a London-listed rare earth mining and development company establishing a U.S. mine-to-magnet supply chain. Its principal asset is the Longonjo Rare Earth Mine in Angola (construction underway, first production targeted 2027), which will produce Mixed Rare Earth Carbonate. The company has pivoted away from UK processing (abandoned the Saltend £250m refinery plan) toward U.S. downstream partnerships for magnet manufacturing, positioning itself as a non-China supplier of critical rare earth materials for EVs, wind turbines, and defense systems.
Differentiator
Problem solved
Functional benefit
Products and services
- Longonjo Rare Earth Mine Flagship open-pit mining and processing operation in Angola producing Mixed Rare Earth Carbonate (MREC) at 50% TREO content and 24% NdPr concentration. The deposit contains 21.54 million tonnes of mineral reserves at 3.04% TREO grade, yielding 654,965 tonnes of contained TREO including 139,457 tonnes of NdPr. Designed to serve Western automotive OEMs, Japanese magnet manufacturers, and US defense/clean energy sectors as a non-China source of magnet metals.
- Mixed Rare Earth Carbonate (MREC) Processed rare earth product from Longonjo containing neodymium-praseodymium (NdPr) and heavy rare earth oxides (dysprosium and terbium). MREC targets 50% TREO content and 24% NdPr concentration, sold under long-term offtake agreements with automotive OEMs, Japanese magnet manufacturers, and magnet production companies.
- Coola Exploration Project Exploration-stage rare earth project in Angola, separate from Longonjo, representing Pensana's broader mineral exploration portfolio in the country.
- Mine-to-Magnet Rare Earth Supply Chain Vertically integrated supply chain connecting Angolan mining operations to US downstream processing and magnet manufacturing partnerships, designed to supply magnet metal oxides (NdPr and heavy rare earths) independent of Chinese supply chains for EVs, wind turbines, robotics, and defense systems.
Quantifiable outcome
- 22% mine construction completion as of mid-2026 with $135M of $250M capex committed under procurement
- +4 more outcomes
Companies that use Pensana
Customer profileNamed customers12 records
Segments4 records
Ideal customer profiles4 records
Pensana technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Pensana partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core, key and supporting.
- Vacuumschmelze (VAC) / eVAC MagneticscorePensana and Vacuumschmelze (VAC) signed an MoU to establish a mine-to-magnet supply chain in the US, focused on rare earth elements from Pensana's Longonjo mine for VAC's eVAC Magnetics plant in Sumter, South Carolina. The partnership supports VAC's production of rare earth magnets for traction motors, wind turbines, and defense systems, responding to US defense restrictions on rare earth imports from China. The MoU is a directional statement without binding commitments.
- ReElement Technologies CorporationkeyPensana and ReElement Technologies signed an MoU to advance one of the largest global rare earth oxide supply chain partnerships. ReElement is advancing US-based rare earth processing capabilities, and the partnership aims to develop a sustainable rare earth supply chain connecting Angolan mining to US processing and American end markets.
- University of HullsupportingPensana received a £316,643 grant from Innovate UK to develop a low-carbon sustainable supply chain for magnets vital to the energy transition, in partnership with the University of Hull. The project aimed to establish a UK-centric supply chain from mine to magnets, focusing on environmentally responsible sourcing and processing of rare earth elements. (Note: This partnership predates Pensana's pivot from the UK Saltend plan to the US strategy in October 2025.)
- PolestarsupportingElectric vehicle brand Polestar is a partner in Pensana's Innovate UK-funded project to develop a low-carbon sustainable supply chain for rare earth magnets. Polestar represents the end-customer perspective (EV manufacturer) in the supply chain development initiative.
- Toyota Tsusho CorporationcoreToyota Tsusho has signed an MOU for up to 20,000 tonnes per year of rare earth offtake from the Longonjo project, representing a major anchor customer for Phase 1 production. The partnership positions Pensana within the Toyota group's rare earth supply chain for EVs and hybrid vehicles.
- Shin-Etsu ChemicalkeyJapanese magnet producer Shin-Etsu has an MOU for rare earth supply from Longonjo as part of Pensana's expanding offtake network targeting non-China sourcing for Japanese magnet manufacturers.
- Proterial (formerly Hitachi Metals)keyJapanese magnet manufacturer Proterial has an MOU for rare earth supply from Longonjo, representing diversification of Japan's rare earth sourcing away from Chinese dominance.
- TDK CorporationkeyJapanese electronics and magnet manufacturer TDK has an MOU for rare earth supply from Longonjo, targeting non-China feedstock for electronics and clean energy applications.
- Wood GroupsupportingWood Group (Wood Plc) is a major contractor to Pensana, involved in engineering and project delivery. Pensana issued new shares to Wood as settlement for contractor services, reflecting an ongoing operational relationship for Longonjo project development.
Scale indicators18 records
Recent moves7 records
Expansion highlights6 records
Pensana competitors and assessment
Company assessmentDirect peers
- MP Materials: MP Materials operates the Mountain Pass mine in California, the only scaled US rare earth producer, and is investing in downstream magnet production. It directly competes with Pensana for the same Western EV and defense customers seeking non-China NdPr feedstock.
- Mkango Resources: London-listed Mkango is developing the Songwe Hill rare earth project in Malawi with similar NdPr-focused MREC production plans, competing for Western magnet manufacturer offtake and investor capital in the non-China rare earth development cohort.
- Hastings Technology Metals: Hastings (now owning Yangibana and Brockman projects in Western Australia) is developing NdPr-rich rare earth deposits targeting similar Western and Japanese magnet manufacturer offtake markets, making it a direct peer in the non-China NdPr development cohort.
- Lynas Rare Earths: Australia's Lynas is the world's largest non-China producer of separated rare earth materials (NdPr oxide) from its Mt Weld mine, making it the closest direct comparable to Pensana's Longonjo MREC operation with a similar mine-to-market structure targeting Western supply chains.
- Arafura Resources: Australian-listed Arafura is developing the Nolans NdPr project in central Australia, targeting similar downstream separation and offtake arrangements with Western and Japanese magnet manufacturers, positioning it as a near-direct peer in the NdPr development pipeline.
Emerging players
- USA Rare Earth: USA Rare Earth is developing the Round Top heavy rare earth and critical minerals project in Texas with planned downstream processing and magnet manufacturing — a US-domiciled emerging competitor in the non-China heavy and light rare earth space Pensana targets.
- Energy Fuels: Energy Fuels is the largest US producer of critical minerals and is building rare earth oxide processing capabilities at its White Mesa mill in Utah, partnering with companies like Neo Performance Materials to produce separated rare earths — an emerging US-focused midstream/downstream player adjacent to Pensana's strategy.
- Iluka Resources: Iluka Resources is constructing Australia's first integrated rare earths refinery at Eneabba targeting separated rare earth oxides including NdPr and Dy/Tb, positioning it as an emerging non-China downstream competitor and potential offtake counterpart for miners like Pensana.
- Canadian Rare Earth Elements Corp: Canadian Rare Earth Elements Corp is developing rare earth projects in Canada focused on critical minerals for Western supply chains, representing a peer emerging in the same non-China ecosystem seeking Western offtake and government support.
Broad incumbents
- Neo Performance Materials: Neo Performance Materials is an established global processor of rare earth and rare metal materials with manufacturing in the US, Europe, and Asia, producing separated rare earth oxides and magnetic materials — a broader incumbent competitor across the rare earth value chain.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Pensana social profiles
Digital presencePensana compliance and trust
Trust signalCompliance1 record
Pensana financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pensana leadership team
Management profileNumber of profiles
Profiles4 records
Pensana subsidiaries and ownership
Company hierarchySubsidiaries1 record
Pensana funding detail
Funding detailFunding overview
Funding rounds10 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pensana M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pensana
What does Pensana do?
Pensana is developing the Longonjo Rare Earth Mine in Angola and establishing a vertically integrated US-facing mine-to-magnet supply chain. Once operational in 2027, the company will mine and process Mixed Rare Earth Carbonate (MREC) containing neodymium-praseodymium (NdPr) and heavy rare earth oxides (dysprosium and terbium), selling it under long-term offtake agreements to Western automotive OEMs, Japanese magnet manufacturers, and US defense/clean energy customers as a non-China source of critical magnet metals.
Is Pensana a public or private company?
Pensana is a public company. It is classified as public and is currently operating.
When was Pensana founded?
Pensana was founded in 2018. It employs 11 to 50 people.
Where is Pensana based?
Pensana is headquartered in London, United Kingdom, in the Europe region.
How does Pensana make money?
Two revenue lines are on record. Rare Earth Product Sales (MREC) is the primary driver. The others are strategic Equity Investment (Non-operating).
Who are Pensana's main competitors?
Direct peers on record are MP Materials, Mkango Resources, Hastings Technology Metals, Lynas Rare Earths and Arafura Resources. Emerging players are USA Rare Earth, Energy Fuels, Iluka Resources and Canadian Rare Earth Elements Corp. Neo Performance Materials is listed as a broad incumbent.
Does Pensana have an API?
No public API is recorded for Pensana.
What industry is Pensana in?
Pensana's product category is Rare Earth Mining. Its primary akta.pro industry code is IMAKAFAG, Rare Earths Mining & Concentrates (REE Ores). Its NAICS code is 212290 and its SIC code is 1090.