Pensana continues financing discussions for Angola mine
London-listed Pensana has continued its discussions with major shareholders, Cascade and others, for the investment of the equity required by subsidiary Ozango Minerais with a view to bring the Longonjo mine, in Angola, through commissioning in early 2028 and into full production in late 2028.
The proposed Ozango equity financing is expected to be in the range of $75-million to $90-million, of which Cascade expects to deploy a significant tranche within the next 14 days.
Cascade has so far invested $15-million of its $165-million overall commitment.
Longonjo ranks as one of the world’s largest undeveloped rare earth mines and, despite the current slowdown due to concluding equity financing, is expected to be one of the first major rare earth mines to come into production in the past decade, supplying both light and heavy rare earths in the form of a mixed rare earth carbonate (MREC), Pensana highlights.
Longonjo is fully permitted, fully engineered and the overall construction schedule is 30% complete, while more than 60% of procurement spend has been committed.
Alongside a signed power purchase agreement for hydropower supply from Laúca dam, Longonjo will export directly from the Port of Lobito through the Lobito Corridor railway.
The mine is expected to produce an initial 20 000 t/y of MREC, expanding to 40 000 t/y of MREC in Year 4.
Pensana has spent over $90-million to date on bringing the mine from exploration to production in about nine years, which compares with a global average, according to S&P Global Market Intelligence, of over 16 years for most mines, the company says.
Commissioning is planned for January 2028 with conditional deployment of equity shortly, and binding offtakes and debt approvals by February 2027, for full production by September 2028.
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