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Pensana Rare Earths attracts A$2 million from Angolan Sovereign Wealth Fund

The funds raised will be used to progress the definitive feasibility study for the company’s flagship Longonjo magnet metals project.

Pensana Rare Earths Plc - Pensana Rare Earths attracts A$2 million from Angolan Sovereign Wealth Fund
The Longonjo Project is the first major mining project to be developed in Angola for some time

Pensana Rare Earths Plc (ASX:PM8) has secured just over A$2 million from Fundo Soberano de Angola (FSDEA), the Angolan Sovereign Wealth Fund.

FSDEA has agreed to subscribe for equity shares at 27 cents each to raise A$2,065,141 million.

On completion FSDEA will become a strategic cornerstone investor in Pensana, holding about 4.8% of the enlarged share capital of the company.

A significant project for Angola

The funds raised will be used to progress the definitive feasibility study for the company’s flagship Longonjo Project and to provide working capital.

Pensana chairman Paul Atherley said: “The Longonjo project is the first major mining project to be developed in Angola for some time.

“The project is being developed as one of the world’s biggest upstream suppliers of the magnet metals critical to energy transition with strong demand expected from Electric Vehicles and Offshore Wind Turbine manufacturers.

“It will provide jobs and an economic stimulus at a time when the Angolan Government is actively looking to attract foreign investment to diversify the economy.

“We very much welcome the support of the Angolan Sovereign Wealth Fund and look forward to working closely with FSDEA as a strategic cornerstone investor in the development of the Longonjo project.”

London listing

Pensana’s planned listing on the LSE is expected to be completed by the end of the next quarter depending on market conditions and subject to the receipt of relevant regulatory approvals.

Quick facts: Pensana Rare Earths Plc

Price: 0.12 AUD

ASX:PM8
Market: ASX
Market Cap: $19.27 m
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Pensana Metals Ltd - Proactive Mining Capital conference

Pensana Metals Ltd's (ASX:PM8) Paul Atherley presents to investors at the Proactive Mining Capital conference in London. Pensana's continuing to progress site activities and overall project development and financing of the Longonjo NdPr (neodymium and praseodymium) project in Angola.

on 4/12/19

2 min read