The Angolan company Ozango Minerais is a subsidiary of the UK-based Pensana (66%). The Angola Sovereign Wealth Fund controls 24% of the company and is also the largest investor in the UK entity, which is listed on the London Stock Exchange, holding 29.1% of Pensana’s capital.
Two official announcements published at the end of 2025 suggest that the rare earth potential at Longonjo, in Huambo province, could be five times higher than initial estimates, which already indicated that the project could supply around 5% of global demand for the valuable mineral compound. Geological studies will continue, according to investors, alongside mine construction, to explore the possibility of increasing the project’s potential from 313 million tonnes to over 1,000 million tonnes of rare earths.
According to a statement from Pensana, the UK-based partner of the Angola Sovereign Wealth Fund in Ozango Minerais, after a detailed assessment at Longonjo, the “company has identified the possibility of increasing the content of heavy rare earths in its high-value product, the Mixed Rare Earth Carbonate (MREC), by more than five times.”
MREC is an intermediate product that will be produced in Huambo and exported to developed markets, where it will be used in the manufacture of cutting-edge phones, technological products, and electric vehicles, among others. This approach aims to ensure some level of local industrial processing, rather than exporting only the raw mineral resources.
Earlier, in another official statement, the company informed investors that it was designing “a 25,000-metre vertical drilling program aimed at expanding the mineral resource estimate” from 313 million tonnes to over 1,000 million tonnes with similar grades.
“This detailed technical review was initiated in response to growing demand from partners seeking to secure a supply of light rare earth elements from 2027,” emphasized Pensana, which in June last year signed a non-binding memorandum of understanding with Toyota Tsusho Corporation for the acquisition of 20,000 tonnes/year of MREC. The mine is expected to have a 20-year lifespan.
Tim George, Chairman of Pensana, said the latest technical assessment “highlighted the Longonjo mine as one of the few suppliers entering operation in the short term capable of supporting the entire supply chain, from mine to magnet, with light and heavy rare earths.”
“Our partners have been clear about their needs, and this update will further increase Longonjo’s significance in the rare earth landscape,” added the Pensana executive. Over the past six years, USD 70 million has been invested in exploration, construction, and the preparation of technical and environmental studies. In total, the investment, divided into two phases, is estimated at USD 322 million.
Source: Expansão
