Rare earths and magnet metals mining company Pensana’s engineering team has successfully completed a modular redesign of the Longonjo neodymium and praseodymium mine and processing facility in Angola, with a total capital expenditure (capex) of $200-million.
“The completion of the engineering redesign, together with the technical and economic approval by the Mineral Corporation during November, is a very important step toward the execution of the financing,” Pensana chairperson Paul Atherley said on October 31.
In an update on the financing of both the Longonjo and Saltend projects – the latter being in the UK – the company revealed that financial institution Absa, which had been mandated as the lead arranger for a $120-million loan facility, had provided high-level commercial debt terms, which include support from the South African Export Credit Agency.
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.
