An update from Pensana Rare Earths PLC ( (GB:PRE) ) is now available.
Pensana Rare Earths PLC has announced an updated ore reserve estimate for its Longonjo project in Angola, highlighting an increase in ore reserve grade to 3.04% TREO, with a mine life extending over 20 years. The project is set to commence initial production of 20,000 tonnes per annum of MREC by late 2026, with plans for expansion to 40,000 tonnes. The project benefits from low capital costs and existing infrastructure, positioning Pensana as a significant player in the rare earths market, crucial for the growing demand in electrification and renewable energy sectors.
More about Pensana Rare Earths PLC
Pensana Rare Earths PLC operates in the mining industry, focusing on the extraction and processing of rare earth elements. The company’s primary product is mixed rare earth carbonate (MREC), which is essential for the production of permanent magnets used in electric vehicles and wind turbines. Pensana is primarily focused on the Longonjo rare earth project in Angola, which is one of the largest undeveloped magnet metal projects in the world.
YTD Price Performance: -2.34%
Average Trading Volume: 923,149
Technical Sentiment Signal: Buy
Current Market Cap: £64.61M
Learn more about PRE stock on TipRanks’ Stock Analysis page.