• Harena Rare Earths and Pensana Rare Earths seek U.S. listings to tap strong U.S. investor demand for African rare earth projects.
• Washington increases backing for African supply as it tries to reduce dependence on China, the world’s dominant rare earth supplier.
• Harena plans a $143 million mine in Madagascar by 2028, while Pensana advances a 20,000-ton-per-year project in Angola and seeks a $160 million EXIM loan.

The United States continues to diversify its rare earth supply chain as it tries to limit China’s dominance. U.S. authorities and investors increasingly channel capital into African rare earth projects, supported in several cases by federal funding.

Harena Rare Earths announced on Tuesday, November 18, that it obtained the approvals needed to list its shares on the U.S. OTCQB Venture Market. The announcement follows a similar move by Pensana Rare Earths, which disclosed plans to pursue a Nasdaq listing in 2026. Both companies cite strong U.S. investor interest in their African projects: Ampasindava in Madagascar and Longonjo in Angola.

“Harena has generated significant interest from U.S. investors, and given the company’s strategic focus on the U.S. market for the production of its rare earth deposits, the OTCQB market provides strong synergies for developing the Ampasindava project,” the company said.

These developments come as Washington increasingly turns to African projects to curb its reliance on China, the world’s leading rare earth supplier. Last month, Pensana announced a partnership with permanent-magnet producer VAC to build a U.S. supply chain fed by Longonjo’s future output.

Longonjo project site operated by Pensana Rare Earths

For both companies, which already trade on the London Stock Exchange, a U.S. listing could broaden capital access at a time when they seek to move their projects into production. Harena aims to complete by end-2028 the construction of a new mine at Ampasindava capable of producing 5,000 tonnes of total rare earth oxides (TREO) per year. The project requires $143 million in investment, and the feasibility study is under way.

Pensana already started construction at Longonjo. The company targets initial output of 20,000 tonnes of mixed rare earth carbonate (MREC) per year, with commissioning scheduled for early 2027. Ahead of its U.S. listing, the company is seeking a $160 million loan from the U.S. Export-Import Bank (EXIM).

Beyond these two projects, U.S. institutions have also increased support for Africa’s broader rare earth potential. The U.S. International Development Finance Corporation (DFC) has backed the South African Phalaborwa project since 2023.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum