Pensana, a rare-earth mining company in the U.K., announced on Tuesday that it has secured further financing from FSDEA, Angola’s sovereign wealth fund, for the development of the Longonjo mine. The immediate $15 million loan facility is part of a broader $80 million investment that will be used for the project debt facility and development of the mine and processing facilities.
The upfront capital cost for developing the mine and processing facilities has been reduced to $200 million with $105 million deferred until year three post-commissioning. Pensana stated that required funding could be further reduced following the Angolan government’s investment in energy infrastructure.
Chair Paul Atherley expressed confidence in the development of Longonjo mine, stating, “This immediate funding from FSDEA will allow CEO Tim George and the team to accelerate the work on the ground with a view to commencing main construction later in the year with a view to achieving first production in 2025.”
Accelerated Development Progress
Pensana has secured additional financing from FSDEA, Angola’s sovereign wealth fund, with an immediate $15 million loan facility. The funding will be used for the project debt facility and development of Longonjo mine and processing facilities. The mining company expressed confidence in their ability to accelerate work on the ground, anticipating main construction to commence later this year and aiming for first production in 2025. With a revised execution plan, the upfront capital cost for mine development and processing facilities has been lowered to $200 million, with a significant portion deferred until year three post-commissioning.