Pensana has raised $268 million for the Longonjo rare earth project in Angola, with significant contributions from the Africa Finance Corporation and the Angolan Sovereign Wealth Fund. The project aims to produce 20,000 tonnes of high-value mixed rare earth carbonate per annum, while also committing to responsible mining and substantial CO₂ emissions reductions.
Pensana, a developer of rare earth elements, has successfully secured approximately $268 million (£206.75 million) in financing for its Longonjo project in Angola. The Africa Finance Corporation (AFC) is set to contribute $81.2 million as part of a syndicated loan facility totaling $160 million, in collaboration with South African bank Absa Bank, with conditions contingent on the completion of loan documentation.
In summary, Pensana has achieved significant financing for its Longonjo rare earth project, supported by the Africa Finance Corporation and the Angolan Sovereign Wealth Fund. This funding underscores the strategic importance of Africa’s rare earth resources in the clean energy sector and is expected to bolster regional development and global energy security. The Longonjo project promises substantial production capacity while significantly reducing carbon emissions, reinforcing Pensana’s commitment to sustainable resource management.
Original Source: www.mining-technology.com
