Rare earths firm, Pensana, which is responsible for the development of the Longonjo neodymium-praseodymium (NdPr) mine in western Angola, has received an additional $10 million investment from its major shareholders, M&G Investment Management and the Angolan Sovereign Wealth Fund (FSDEA).
Announced on 5 April, the investment will increase M&G Investment Management and the FSDEA’s stakes in Pensana to 13% and 23%, respectively.
The funding will be directed towards the construction and development of a $305 million rare earths mine in Longonjo, Angola as well as a $195 million rare earths refinery at Saltend in northeast England.
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.