Pensana has provided details of a revised financing and development strategy which will see the Longonjo operation fully funded into production.
Revised funding and development reported by Pensana
- A revised execution plan allows for staged mine development which will reduce the upfront Capex to US$200 million with US$105 million deferred until year three.
- Major shareholder FSDEA to provide an immediate US$15 million loan facility as part of a broader US$80 million investment to facilitate the development of the mine and to provide the equity component for the proposed project debt facility.
- ABSA Bank has been mandated to arrange a US$120 million project debt facility which together with the US$80 million funding will fund the mine and processing facilities into production.
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.