Major shareholders increase stake to 38.6%

M&G and the Angolan Sovereign Wealth Fund invest a further US$10 million and request right to participate in future funding.

With the long-term funding for the Saltend and Longonjo Projects underway, two of the Company’s long-standing and major shareholders M&G Investment Management and the Angolan Sovereign Wealth Fund are investing a further US$10 million, increasing their combined holdings to 38.6%. 

M&G, which is one of the UK’s leading investment institutions and Fundo Soberano de Angola “FSDEA”, the Angolan Sovereign Wealth Fund, remain strongly supportive of the Company and its business plan and have each requested the right to participate in any future equity or other fundraising on a pro-rata basis for the next two years.

Chairman, Paul Atherley noted: 

“We are pleased to have the continued support of M&G and FSDEA, two of our major shareholders. This additional investment reflects their confidence in our strategy and growth prospects, and we are grateful for their ongoing commitment.

The fact that M&G and FSDEA have also requested the right to participate in any future equity raises is a clear endorsement of our business, demonstrating long-term alignment with our goals.

We look forward to progressing our Saltend and Longonjo projects, delivering the world’s first independent and sustainable magnet metal rare earth supply chain, and meeting the growing needs of OEMs.”

Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Pensana plc

More articles like this

Pensana plc

Pensana and the rising demand for Rare Earth Elements

The rare earth elements (REE) sector is experiencing a significant surge, driven by the increasing demand for green technologies and the growing recognition of REEs’ essential role in modern electronics. As the world shifts towards renewable

Pensana plc

Africa’s emerging role in the Rare Earth market

China’s dominance in the rare earth market has raised concerns in the West, prompting a search for alternative suppliers. Recent forecasts by Benchmark Mineral Intelligence suggest that Africa could become a significant alternative in the coming

Pensana plc

Rare Earth Elements in modern technology

Rare earth elements, often overlooked in discussions of technological advancements, are indispensable components in a wide array of modern devices and systems. These 17 elements, including familiar names like neodymium, europium, and yttrium, possess unique properties

Pensana plc

Rare Earth Elements in the green energy revolution

The rare earth elements (REE) sector is gaining increasing attention as the world pivots towards sustainable and green technologies. These elements, crucial for the manufacturing of magnets used in electric vehicles (EVs), wind turbines, and various

Pensana plc

Africa’s path to Sustainable Growth

Success is built on the simple principle of self-reliance, a truth that has been obscured in recent African history but needs to be regained and reinforced. During my recent visit to Lusaka, I attended the launch

Pensana plc

Angola’s improved investment appeal recognised by Pensana

London-listed Pensana commends the government of Angola for instilling attractive policies and growing interest in the country’s exploration potential. This comes as the country recorded an improvement in its ranking to forty-seventh out of 86 countries

Pensana plc

Pensana and Angola’s strategic shift

Angola, the world’s second-largest diamond producer, possesses abundant critical minerals vital for the green energy transition. Historically dependent on oil exports, Angola is actively diversifying its economy to reduce this reliance. As of 2023, Angola is