UK fund manager M&G Investment Management will invest a further $4-million in Pensana, which is focused on establishing a sustainable magnet metal supply chain.
Pensana will issue 7.25-million new shares to M&G, which is already a shareholder in the company.
Following this investment, M&G will hold 7.7% of Pensana's shares in issue.
“We very much appreciate M&G’s continuing support as a major shareholder over the past 12 months. Initial site works are under way at Saltend and Longonjo, and this additional investment will take us through to main financing and the commencement of main construction at both projects during the first quarter of 2023.
"We look forward to delivering on the strong support from major shareholders and developing an independent and sustainable rare earth supply chain based in the UK to meet the burgeoning demand from automotive and wind turbine original-equipment manufacturers,” comments Pensana chairperson Paul Atherley.
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.