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Pensana Rare Earths prepares to meet European magnet metals

The date of: 2020-04-09
viewed: 1
Pensana Rare Earths prepares to meet European magnet metals demand with new investor relations adviser
source:Proactive Investors UK
The company is confident that its Longonjo rare earths project in Angola will be able to meet the growing demand for magnet metals for electric vehicles and offshore wind turbine generators in Europe.
Pensana Rare Earths Plc (ASX:PM8) (LSE:PRE) has appointed Deutsche Gesellschaft für Wertpapieranalyse GmbH (DGWA), one of Europe’s leading investment banking boutiques, as its investor relations adviser in Europe.
With offices in Frankfurt and Berlin, DGWA will focus on growing interest within the German-speaking financial community in the large investments being committed to the country’s automotive and offshore wind turbine industries.
Pensana's executive chairman Paul Atherley said: “We very much look forward to working with Stefan Mueller and the DGWA team in bringing the Pensana opportunity to the German-speaking investment community at this time of momentous change in the automotive and offshore wind sectors.”
Pensana, backed by Fidelity from the UK and the Angolan Sovereign Wealth Fund, is set to develop the world’s first major rare earth mine in over a decade to meet the growing demand for magnet metals from its Longonjo high-grade rare earth mine, in infrastructure-rich Angola.
Meeting magnet metal demand
Despite the uncertainties caused by the COVID-19 pandemic, investments in the electric vehicle (EV) sector continue to grow with Porsche recently announcing a EUR10 billion investment in the ongoing electrification of its vehicle range.
Porsche also reported over 30,000 purchase enquiries prior to the launch of its first all-electric Taycan - reflecting the growing consumer demand for EVs.
The electrification of motive power requires massive quantities of permanent magnets in EV motors and offshore wind turbines generators.
Investors are now turning their attention to how they can gain exposure to the once in a generation transformation of one of the world’s largest industries and the growing investments in offshore wind.
The company is confident that Germany, where DGWA is based, was well prepared for the coronavirus pandemic and is weathering it better than many comparable developed economies and appears to be well set to jump-start its economy once the crisis abates.

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