Rare earths firm, Pensana, which is responsible for the development of the Longonjo neodymium-praseodymium (NdPr) mine in western Angola, has received an additional $10 million investment from its major shareholders, M&G Investment Management and the Angolan Sovereign Wealth Fund (FSDEA).
Announced on 5 April, the investment will increase M&G Investment Management and the FSDEA’s stakes in Pensana to 13% and 23%, respectively.
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The funding will be directed towards the construction and development of a $305 million rare earths mine in Longonjo, Angola as well as a $195 million rare earths refinery at Saltend in northeast England.
“We are pleased to have the continued support of M&G and FSDEA, two of our major shareholders. This additional investment reflects their confidence in our strategy and growth prospects, and we are grateful for their ongoing commitment,” stated Pensana Chairman, Paul Atherly, adding, “The fact that M&G and FSDEA have also requested the right to participate in any future equity raises is a clear endorsement of our business, demonstrating long-term alignment with our goals.”
Once operational, the Longonjo mine and associated processing infrastructure is expected to produce 12,500 tons of separated rare earth minerals including 5,000 tons of NdPr oxides per year while treating 1.5 million tons of ore.
Pensana plans to export up to 40,000 tons of mixed rare earths sulfate from the mine for processing at the Saltend refining facility. The proposed mine site will be situated approximately 275km from Angola’s port of Benguela.
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Critical towards the manufacture of magnets in electric vehicles, the development of NdPr resources is poised to see Angola diversify its oil-dominated economy while contributing towards the global energy transition.
