Pensana, a London-listed rare earths developer, has confirmed the terms and timeline for the first $25-million equity tranche from the Angolan Sovereign Wealth Fund.
This follows the successful securing of full project financing for the Longonjo rare earths project in Angola.
The funds will be used to commence main construction activities on-site.
In addition, the Angolan Sovereign Wealth Fund has agreed to convert a previously issued $15-million bridging loan—provided over the past 18 months to support early-stage construction—into equity.
Chairperson Paul Atherley expressed gratitude to the fund for its continued backing, stating that Longonjo, one of the world’s largest and highest-grade undeveloped magnet metal rare earth projects, will create hundreds of skilled local jobs, generate business opportunities, and deliver significant fiscal returns to the Angolan government.
Pensana holds an 84% interest in the project through its shareholding in Ozango Minerais, an Angola-registered entity that owns 100% of the mining licence.
The Angolan government owns a 10% stake, while local Angolan partners hold the remaining 6%.
With a total project cost of $217 million, the Longonjo mine is expected to reach full production capacity following a phased development plan.
The operation aims to produce up to 38,000 tonnes per year of mixed rare-earth double sulphate or mixed rare-earth carbonate, including 14,000 tonnes of total rare earth oxides and up to 4,400 tonnes of neodymium/praseodymium (NdPr) oxides annually. This output would represent approximately 5% of global NdPr oxide production.
Initial production is slated to begin in 2026. The early output will be shipped as a clean, high-purity mixed rare-earth sulphate to Pensana’s Saltend rare earth separation facility in the UK.
