Pensana PLC (LSE:PRE), the exploration company focused on rare earth minerals, jumped 6% to 47.4p following investment from M&G Investment Management.
M&G, one of the UK’s largest fund managers and a long-standing Pensana shareholder, agreed to invest roughly US$4mln in the company, purchasing 7.25mln shares at 44p each.
“We very much appreciate M&G’s continuing support as a major shareholder over the past 12 months,” said Pensana chairman Paul Atherly.
“Initial site works are underway 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 OEMs.”