Pensana PLC (LSE:PRE, OTC:PNSPF), a rare earth exploration, mining, and processing group, highlighted several operational milestones in today’s interim results.
Among them was finalising the revised execution plan for its Longonjo project, reducing upfront capital expenditure to US$217 million.
Post-period, Pensana concluded a term sheet for a US$156 million project finance debt facility.
The company also noted the approval by one of its major potential customers of the product qualification specifications for Longonjo’s proposed mixed rare earth carbonate (MREC) product.
Pensana also did not issue any equity during the period, though it did receive a bridging loan facility from the Angolan sovereign wealth fund.
Pensana managed to decrease administration expenses from $4 million in last year’s interims to $3.46 million in the latest period. It exited the period with $2.45 million on the balance sheet.