Angolan sovereign wealth fund Fundo Soberano de Angola (FSDEA) is “delighted to see the excellent progress” that is being achieved on site at the Longonjo rare earths project, as this is an important project for the entity, FSDEA chairperson Armando Manuel has said.
On January 10, London-listed Pensana Rare Earths and its local subsidiary Ozango Minerais welcomed the full board of FSDEA to Longonjo for a site inspection.
The six members of the board were accompanied by the head of investment and key analysts of the FSDEA.
Pensana 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 purpose of the visit was to review the early-stage construction activities being funded by the $15-million bridging loan from the FSDEA, ahead of conclusion of the main financing.
