Pensana draws down first equity tranche funding from Angolan fund for Longonjo construction
After securing full financing of the Longonjo rare earths project, in Angola, London-listed Pensana has agreed the terms and timing for the deployment of the first $25-million equity tranche from the Angolan Sovereign Wealth Fund.
The company will use this drawdown for main construction works on site.
The fund has also agreed to convert a $15-million bridging loan into equity, which was previously advanced over the last 18 months to facilitate early-stage construction at Longonjo.
Chairperson Paul Atherley in a statement expressed gratitude towards the fund for its ongoing support of the Longonjo project.
He remains confident that, as one of the world’s largest and highest-grade underdeveloped magnet metal rare earth projects, its development will generate hundreds of high-value local jobs, local business opportunities and substantial fiscal returns for the Angolan government.
Rare earths developer Pensana Rare Earths holds an 84% interest in Longonjo through its 84% holding in Angola-registered company Ozango Minerais, which, in turn, owns 100% of the mining licence.
The Angolan government holds a 10% interest and the company’s Angolan partners the remaining 6%.
At full production, once the phased development is complete, the $217-million Longonjo mine will target production of up to 40 000 t/y of mixed rare-earth double sulphate or mixed rare-earth carbonate (MREC) containing 14 000 t of total rare earth oxides and up to 4 400 t of neodymium/praseodymium (NdPr) oxides.
Initial production of 20 000 t/y of MREC is expected to start in 2026.
Initial feedstock will be shipped as a clean, high-purity mixed rare-earth sulphate to Pensana’s Saltend rare earth oxide separation facility, in the UK.
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