Toyota Tsusho Corporation plans to process rare earth materials at its Indian facility operated by its wholly owned subsidiary, Toyotsu Rare Earth India (TREI), as part of a proposed supply agreement with Pensana Plc. The facility has been processing rare earths since 2013 and continues to expand operations to meet demand from Japanese magnet manufacturers.
Pensana Plc, a developer of rare earth resources, has signed a non-binding Memorandum of Understanding (MOU) with Toyota Tsusho Corporation for the supply of rare earth materials. Under the proposed agreement, Pensana may supply up to 20,000 tonnes per year of Mixed Rare Earth Carbonate (MREC) from the Longonjo mine over a five-year period, with pricing yet to be determined.
Toyota Tsusho and Pensana are also considering further cooperation across the rare earth value chain. “This MOU represents a significant step in the development of a global rare earth supply chain—not only to support Toyota Tsusho’s direct customer base but also to strengthen and diversify the broader rare earth value chain,” said Tsutomu Aoki, General Manager of the Metal Resources Department at Toyota Tsusho.
“This partnership with Toyota Tsusho marks the next strategic step in establishing Longonjo as the most important rare earth development in over a decade,” said Pensana Chairman Paul Atherley.
Pensana has invested over USD 70 million in the Longonjo rare earth project located in the Huambo district of Angola. The project has a JORC compliant reserve of 22 million tonnes grading 3.04 percent Total Rare Earth Oxide (TREO), containing 139,457 tonnes of NdPrO. The initial planned production is 20,000 tonnes of MREC per year, with a proposed second-phase expansion to 40,000 tonnes annually.
Pensana Plc focuses on the exploration and development of rare earth resources. The company is working to establish new supply chains for rare earth materials to support industries such as electric vehicles and renewable energy.
