Pensana receives funding for Longonjo mining project
The rare earths firm Pensana which is responsible for developing the Longonjo neodymium-praseodymium (NdPr) mine in western Angola announced that it received an additional $10 million investment from its major shareholders, M&G Investment Management and the Angolan Sovereign Wealth Fund (FSDEA). This investment will increase M&G Investment Management’s stake in Pensana to 13% and the FSDEA’s stake to 23%.
Longonjo mine
The funding will be directed towards the construction and development of a $305 million rare earths mine in Longonjo, Angola, as well as a $195 million rare earths refinery at Saltend in northeast England. Pensana’s Chairman, Paul Atherly, expressed gratitude for the continued support of M&G and FSDEA, stating that the additional investment reflects their confidence in the company’s strategy and growth prospects. He also highlighted that M&G and FSDEA have requested the right to participate in any future equity raises, demonstrating long-term alignment with Pensana’s goals.
Once operational, the Longonjo mine and associated processing infrastructure are expected to produce 12,500 tons of separated rare earth minerals annually, including 5,000 tons of NdPr oxides, while treating 1.5 million tons of ore. Pensana plans to export up to 40,000 tons of mixed rare earths sulfate from the mine for processing at the Saltend refining facility. The proposed mine site is located approximately 275km from Angola’s port of Benguela.
The development of NdPr resources is critical for the manufacture of magnets used in electric vehicles. This project not only has the potential to diversify Angola’s oil-dominated economy but also contributes to the global energy transition by supporting the demand for rare earth minerals in the growing electric vehicle industry.
