An artist's impression of Pensana's Saltend facility in the UK
Two of London-listed Pensana's major shareholders M&G Investment Management and the Angolan Sovereign Wealth Fund (FSDEA) are investing a further $10-million in the company, raising their combined holdings to 38.6%.
“We are pleased to have the continued support of M&G and FSDEA, two of our major shareholders. This additional investment reflects their confidence in our strategy and growth prospects, and we are grateful for their ongoing commitment.
"The fact that M&G and FSDEA have also requested the right to participate in any future equity raises is a clear endorsement of our business, demonstrating long-term alignment with our goals," comments Pensana chairperson Paul Atherley.
He adds that the company looks forward to progressing its Saltend and Longonjo projects, "delivering the world's first independent and sustainable magnet metal rare earth supply chain and meeting the growing needs of [automotive] original-equipment manufacturers”.
Pensana is building the Saltend Chemical Park, in the Humber Freeport, in the UK, that will process high-value raw materials from its hydroelectric-powered mine at Longonjo, in Angola.
The company earlier this month confirmed it was at an advanced stage in its financing of both the Saltend and Longonjo projects.
The total capital requirement for both projects is $550-million.
Both projects are fully permitted, with front-end engineering design studies having been completed and early works programmes under way at each site.