London-listed Pensana has praised the Angolan government for its attractive policies and growing interest in the country’s exploration potential.
This comes as Angola saw a notable improvement in its ranking to 47th out of 86 countries in the 2023 Investment Attractiveness Index, up from 59th out of 62 countries in 2022.
The Investment Attractiveness Index, produced annually by the Fraser Institute, combines the Policy Perception Index and the Best Practices Mineral Potential Index.
It evaluates factors such as regulatory burdens, taxation levels, infrastructure quality, and other investment-related matters.
Angola’s significant climb in the rankings is seen as overdue recognition of its appeal as a mining investment destination.
Tim George, CEO of Pensana, highlighted the country’s National Development Plan up to 2027, approved last year, which positions Angola favorably for foreign investment and collaboration.
Pensana is developing the Longonjo rare earths project in Angola, a country now ranked higher than Spain and Australia’s state of Victoria in terms of investment attractiveness.
Angola continues to draw significant investments from major mining companies, including Ivanhoe Mines, Anglo American, and Rio Tinto.
In February, the US International Development Finance Corporation announced a $1.6 billion investment in projects across Angola’s Lobito Corridor, focusing on high-quality infrastructure and investments in agriculture, healthcare, and financial services.
Pensana’s Longonjo project, located near the Lobito rail corridor, will benefit from this infrastructure, allowing for efficient transportation of rare earth carbonates to the Atlantic port of Lobito, 273 km away.
The Angolan government is keen to diversify its economy beyond diamonds and crude oil, tapping into its largely unexplored mineral wealth.
Approximately 60% of the country remains unexplored for metals and minerals. Angola is believed to have significant mineral resources, including iron ore, rare earths, manganese, copper, gold, phosphates, granite, marble, uranium, quartz, lead, zinc, wolfram, tin, fluorite, feldspar, mica, asphalt, gypsum, and talc.
