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Pensana Rare Earths PLC ( (GB:PRE) ) has provided an update.
Pensana Rare Earths PLC has announced that the construction of its Longonjo project in Angola is on track and within budget, with a capital cost of $217 million. The project aims to produce 20,000 tonnes of Mixed Rare Earth Carbonate annually, with plans to double production in the future. The company has also initiated a drilling program at the Coola project to explore potential high-grade feedstock for Longonjo. This progress underscores Pensana’s strategic positioning in the rare earth market, crucial for the growing demand in electrification and renewable energy sectors.
More about Pensana Rare Earths PLC
Pensana Rare Earths PLC is a company operating in the rare earth industry, focusing on the exploration and development of rare earth deposits. Its primary product is Mixed Rare Earth Carbonate (MREC), which is essential for manufacturing permanent magnets used in electric vehicles and offshore wind turbines. The company is committed to sustainable development and has been recognized for its efforts in this area.
Average Trading Volume: 968,679
Technical Sentiment Signal: Buy
Current Market Cap: £246.5M
For an in-depth examination of PRE stock, go to TipRanks’ Overview page.