London-listed Pensana has secured a fresh £2-million in funding, with £1-million coming from major institutional shareholder M&G Investment Management, and an additional £1-million from other strategic investors.
This new investment follows a recent $25-million injection by the Angolan sovereign wealth fund, Fundo Soberano de Angola, into Ozango Minerais, Pensana’s 84%-owned subsidiary. The funding has enabled the commencement of main construction works at the Longonjo rare earths project in Angola.
Pensana holds an 84% interest in the Longonjo project through its stake in Ozango Minerais.
“We are delighted by the continued support from our major institutional shareholders, both at the asset and corporate level.
The £2-million funding will cover the company’s corporate requirements for the next 18 months,” said Chairperson Paul Atherley.
“Our focus now is on site development, with our team mobilising contractors to begin construction of one of the world’s largest and highest-grade undeveloped rare earth projects,” Atherley added.
He also highlighted Longonjo’s strengths, noting it is fully funded, benefits from low capital costs, and hosts a near-surface deposit with a 4% total rare earth oxide grade.
The project has drawn significant interest for its clean, high-grade mixed rare earth carbonate product.
