Pensana PLC (OTCMKTS:PNSPF) is one of the best rare earth stocks to buy now. On July 28, the company confirmed that the overall cost envelope of $217 million for its flagship Longonjo project in Angola remains intact and on schedule.Pensana PLC (PNSPF) Confirms Cost Envelope for Longonjo Rare Earth Project is Intact

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The company has already mobilized all engineering delivery partners, with SRK Consulting Ltd poised to commence drilling on the tailing storage facility to define the final excavation profile. Upon completing TSF drilling, the contractor is to remobilize to the Coola exploration project to commence a drilling program.

Pensana has already invested $70 million in the Longonjo rare earth project in the Huambo district of Angola.

“We are extremely pleased with the excellent progress on the Longonjo project. The confirmation that our capital costs remain firmly within budget—and that our development timeline is intact—is a great result for the team. This reflects the quality of the planning and technical input to date, and we look forward to positive confirmation of the Coola deposit to extend the use of the processing infrastructure being developed at Longonjo beyond the +20 years currently contemplated,” said CEO Tim George.

The project is believed to contain 139,457 tons of Neodymium-Praseodymium, making it one of the world’s largest and highest-grade deposits.

Pensana PLC (OTCMKTS:PNSPF) is a rare earth exploration and development company. It’s developing the Longonjo rare earths project and the Saltend rare earth refinery project in the UK. The projects seek to produce high-value mixed rare earth carbonate and magnet metal oxides.

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Disclosure: None. This article is originally published at Insider Monkey.

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