Pensana notes positive market developments as NdPr prices rise
Rare earth prices have risen strongly following the US government’s agreement with MP Materials setting a price of $110 000/t of neodymium and praseodymium (NdPr) and the Chinese government banning the stockpiling of NdPr metal in response, London-listed emerging rare earths miner Pensana has highlighted.
The company is progressing construction of the Longonjo rare earths mine, in Angola.
A number of larger institutional investor in the US and elsewhere have requested meetings and more information on companies in the sector, including Pensana, the company points out.
Pensana cites recent reporting by the Financial Times, which indicated that China has told foreign companies not to hoard rare earths as fears about Beijing’s export curbs drive up demand for the metals vital in a range of critical technologies.
According to that article, Beijing is warning buyers they are at risk of greater supply restrictions if they stockpile rare earths and derived products such as magnets used in electric motors, according to two people familiar with the matter.
China “is telling companies they cannot go out and build huge inventories in rare earths, or they will face shortages”, one of the people said, the article reads.
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