Pensana secures US$156 million project finance for Longonjo mine expansion

Pensana, through its 84% owned subsidiary Ozango Minerais SA, which owns 100% of the Longonjo project, has concluded a non-binding term sheet with the Longonjo lender consortium for a project finance debt facility.

The facility amount is up to US$156 million to provide limited recourse senior secured project finance to fund the Longonjo mine, flotation circuit and refinery and is to cover the construction and ramp up to full production to an overall maximum of seven years.

The facility is conditional on obtaining guarantees from the relevant export credit agency for which discussions are well advanced.

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.

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