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Construction|Projects|Surface
Construction|Projects|Surface
construction|projects|surface

Pensana receives further shareholder funding

An image showing the Longonjo site

Longonjo site

30th May 2025

By: Tasneem Bulbulia

Deputy Editor Online

     

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London-listed Pensana’s major institutional shareholder, M&G Investment Management, has agreed to invest £1-million in the company, alongside other strategic investors who will invest a further £1-million.

This follows the recent $25-million investment by another major shareholder, Angolan sovereign wealth fund Fundo Soberano de Angola, into Pensana’s 84%-owned subsidiary Ozango Minerais, which has allowed for main construction to start at the Longonjo mine site in Angola.

Pensana holds an 84% interest in Longonjo through Ozango.

“We are delighted that the company continues to be supported by its major institutional shareholders, both at the asset level and at the corporate level. The £2-million funding will meet the company’s corporate funding requirements for the next 18 months,” chairperson Paul Atherley says.

“Our focus is on the developments on site where the team is mobilising contractors to commence construction of one of the world’s largest and highest grade undeveloped rare earth projects.

“Longonjo is fully funded and benefits from one of the lowest capital costs and a near surface deposit with a 4% total rare earth oxide grade and has attracted considerable interest in its clean high-grade mixed rare earth carbonate product,” he adds. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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