Pensana PLC (LSE:PRE, OTC:PNSPF) shares surged 38% in early trading after securing full financing of $268 million for its Longonjo rare earth project in Angola.
The funding package includes a $160 million loan facility led by Africa Finance Corporation (AFC) and Absa Bank, alongside $92 million in equity and convertible loans from Angola’s Sovereign Wealth Fund (FSDEA) and AFC.
Longonjo is set to produce 20,000 tonnes of high-value rare earth carbonate annually, essential for electric vehicles and wind turbines. Once fully operational, the mine is expected to account for 5% of the world’s rare earth magnet metal supply.
Pensana Chairman Paul Atherley called the financing a “transformational step” for the project, which will create over 2,400 jobs and support local businesses. With direct access to the Lobito rail corridor, Longonjo is positioned to be a key player in the global clean energy revolution.
The stock advanced 10.55p to 38.45p.