Angolan Sovereign Wealth Fund injects a further US$10.0 million to Pensana

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Pensana has announced that Fundo Soberano de Angola (FSDEA), the Angolan Sovereign Wealth Fund, will make a further equity investment in the company of US$10.0 million.

The company has allocated the funds towards the Longonjo project’s early works programme which is now underway, including an establishment of the construction camp, site offices and associated infrastructure ahead of the main plant construction activity in 2023,the completion of the detailed design for the concentrator and mixed rare earth sulphate plants, Rail-side off-loading facilities for construction materials as well as agricultural livelihood restoration activities.

“This additional investment is an expression from the Angolan Sovereign Wealth Fund of its continuous support for the Longonjo project, for what it represents for Angola’s participation in a sector of crucial importance for the Green Economies narrative, as well as for the positive impact it will have for Angola, from the socioeconomic point of view.” stated Carlos Alberto Lopes, Chairman of the Fundo Soberano de Angola.

Pensana Chairman Paul Atherley commented:
“We very much appreciate the ongoing support from the Angolan Sovereign Wealth Fund, which will enable the recently appointed Project Delivery Team to accelerate development of the Longonjo project. The ongoing support for the project by the Angolan Sovereign Wealth Fund demonstrates the Angolan Government’s commitment to Longonjo. It also highlights the economic and social potential of this flagship project, as part of efforts to diversify the Angolan economy away from oil and gas towards mining, tourism and
agriculture.”

Pensana plans to establish Saltend as an independent and sustainable processing hub supplying the key magnet metal oxides to a market which is currently dominated by China. The US$195 million Saltend facility is being designed to produce 12,500 tonnes per annum of rare earth oxides, of which 4,500–5,000 tonnes will be neodymium and praseodymium (NdPr), representing over 5% of the world market in 2025.
Pensana’s plug and play facility is located within the world class Saltend Chemicals Park, a cluster of leading chemicals and renewable energy businesses in the Humber Freeport and will create over 500 jobs during construction and over 125 direct jobs once in production.

Application has been made for the Subscription Shares to be admitted to the Official List (Standard Listing Segment) and to trading on the London Stock Exchange’s Main Market for listed securities. Admission is expected to occur on 11 August 2022.

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