RE: The Rare Earth Observer ~ Thomas Krummer and my Whipping Boy19 Jan 2026 10:10
For those wondering wtf China is on about:
Pensana
Major shareholder support for US strategy
On 15 May 2025, the Company announced the terms and timing of the first US$25 million equity tranche, as part of the main Longonjo mine financing, for deployment at subsidiary level into Ozango Minerais SA. Additionally, FSDEA agreed the terms for the conversion into Pensana equity of the US$15 million bridging loan, previously advanced over the past 18 months to facilitate early-stage construction at Longonjo.
The Company is now pleased to announce that FSDEA has agreed to a staged conversion of the US$15 million bridging loan to manage its ownership percentage in Pensana and to support the inclusion of new institutional investors at the time of the proposed Nasdaq listing mid-2026.
M&G, the Company’s second largest shareholder, has also recently expressed ongoing support for the Company’s plans to develop a U.S. focused mine to magnet supply chain, the investment of US$100 million from a strategic investor and the proposed NASDAQ listing by agreeing to invest a further £5 million in the Company as announced on 16 December 2025.
Given the 95 mio shares should be issued to the mystery investor, it would be the largest shareholder. Obviously the Angolan sovereign wealth fund wants to remain Pensana’s largest shareholder, so something needed to be done, preferably something cheap.
The U.S. focused mine to magnet supply chain is a total conceptional fail:
Pensana, like everyone else, base their feasibility assumption on NdPr oxide.
The US have more than enough NdPr from MP Materials. If there should be a shortfall, Lynas would cover that from:
Announced capacity increases
Reduced NdPr oxide sales to China for reduced China dependence and higher unit prices in the US
eVAC, USA, has a flying start and will cover the most urgent REPM demand in the US. Indirectly CIA-financed Noveon are expected to evolve further. This covers the most pressing demand. Everything in else in NdFeB can and will come from China.
The overall REPM planned capacities in the US anyway far exceed potential domestic demand.
On top of that the policy of the current US administration is bound to stunt REPM demand growth in the US.
Last but not least it is counter-intuitive to focus on the US, as long as the EU is world’s single largest REPM market after China by far.
The one benefit of focussing on USA over the EU is that Pensana will not be questioned on their ESG “strategy” (it is not a policy!) when turning out comparatively massive quantities of radioactive waste in Angola for which it has not bothered for years to publish a tangible permanent disposal solution. And that with an Angolan state participation whose government actually should be interested in a solution to the problem.
At NASDAQ Pensana hope to find fools who are not yet tired of the boastful announcements of its chairman.
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