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Investing.com -- Pensana Plc has signed a memorandum of understanding to supply raw materials to Vacuumschmelze GmbH & Co. KG for five years, supporting the German firm’s rare-earth magnets plant in South Carolina. Shares rose 7.5% in today’s London trading session.
Under the agreement, Pensana will provide mixed rare-earth carbonate from its Longonjo mine in Angola. The deal aims to "strengthen and secure the global rare earth value chain," according to Pensana’s announcement.
Vacuumschmelze plans to produce 2,000 tons of magnets annually at its South Carolina facility, with production expected to increase to 12,000 tons by 2029.
Pensana is working to accelerate the start of output from its Longonjo mine to late 2026, moved up from the original timeline of early 2027. This earlier production date would meet the deadline for a US ban on imports of Chinese rare-earth products for defense purposes, which takes effect in 2027.
The German company is among several firms establishing magnet plants in the United States as part of a broader initiative to develop raw-material supply chains that don’t depend on China.
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