Pensana Plc is pleased to announce it is in advanced engagement with the Export-Import Bank of the United States (“EXIM”) to accelerate the Company's mine-to-magnet supply chain in the United States of America (“U.S.”), supported by a Letter of Interest (“LOI”) to participate up to 100% in the US$160 million debt funding of the Longonjo Rare Earth Mine (“Longonjo”).
This announcement follows the recent signing of a Memorandum of Understanding (“MOU”) with Vacuumschmelze GmbH & Co. KG (“VAC”), which includes a proposed offtake of products from Longonjo to support the production by eVAC, VAC’s recently commissioned Magnetics facility in Sumter, South Carolina.
The establishment of a mine-to-magnet Supply Chain in the U.S. qualifies Longonjo for funding predicated upon the sale of rare earth products directly into the U.S. as required under EXIM's Supply Chain Resiliency Initiative (“SCRI”).
Pensana is constructing one of the world’s largest rare earth mines in the Huambo district of Angola with production scheduled to commence by 2027 ahead of U.S. Government restricting China imports. EXIM’s support for the Longonjo mine is directly contributing to the resilience of U.S. defense supply chains and the reindustrialisation of America’s high-tech manufacturing base.
Paul Atherley, Chairman, Pensana commented: “The support from EXIM for our partnership with eVAC to establish a U.S. mine-to-magnet supply chain is both timely and deeply appreciated. EXIM’s participation brings critical financing capacity that expands upon what is available in commercial markets, helping to accelerate production to 2026 and advance U.S. leadership in strategic materials.”
About EXIM
EXIM is the official export credit agency of the United States. EXIM is an independent Executive Branch agency with a mission of supporting American jobs by facilitating the export of U.S. goods and services.
Source: www.news.cision.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein