- The company has recently increased the mineral resource more than seven-fold at the Longonjo Neodymium-Praseodymium (NdPr) Project
- Pensana appointed Anglo American veteran Tim George as CEO in mid-April 2019
- The company recently engaged RFC Ambrian as broker and agent in advance of a planned listing on the London Stock Exchange
What does Pensana Metals do?
Pensana Metals Ltd (ASX:PM8) is completing studies for a low-cost development approach at the Longonjo NdPr Project in Angola to determine the project’s potential to serve as a globally significant supplier for the expanding magnet metals market.
Headquartered in Perth, Western Australia, Pensana has engaged world-renowned engineering firm Wood Group PLC to complete a prefeasibility study (PFS), which is due in September 2019.
Chairman Paul Atherley is a highly experienced senior resources executive with wide ranging international and capital markets experience. He has completed several acquisitions and financings of resource projects in Europe, China, Australia and Asia.
Previously, Atherley was chairman of the British Chamber of Commerce in China, vice chairman of the China Britain Business Council in London and served on the European Union Energy Working Group in Beijing.
Chief executive Tim George was previously chairman and CEO of diamond exploration company Xceldiam based in Angola, which was bought out by Petra Diamonds Limited (LON:PDL) in 2007.
What does Pensana Metals own?
Pensana is targeting a globally significant NdPr deposit at the Longonjo project, which is 4 kilometres from a modern rail line leading directly to an Atlantic port.
The potentially free-dig, low waste to ore ratio and high-grade nature of the surface mineralisation along with its favourable location and transport infrastructure distinguishes Longonjo from other rare earth projects.
The company’s vision is to leverage these unique advantages with the aim to rapidly develop a low capital intensive, low technical risk conventional open pit mine and on-site beneficiation plant to produce a high-grade mineral product for export.
What's the latest?
The company continues with exploration and evaluation work, and in April 2020 more positive drill results were returned. Also in April, the President of Angola approved the company's mining title. As of April, operations had not been affected by the coronavirus crisis.
“High-grade NdPr intersections are exceptional”
Commenting on results from the project, Pensana executive director Dave Hammond said: “These high-grade NdPr intersections are exceptional and demonstrate the weathered blanket of mineralisation at Longonjo contains some of the best global NdPr grades.
“The closed space drilling in the proposed open pit area is confirming the continuity of the NdPr mineralisation over substantial widths from surface.
“It will also provide the detail required to support an upgrade of this part of the mineral resource estimate from the current inferred category to the indicated JORC category, as required for a preliminary feasibility study.”