Pensana plc (LON:PRE) has advised that the technical due diligence report on the Longonjo rare earth project in Angola has been reported by The Mineral Corporation (TMC) to ABSA Capital (ABSA) as the Mandated Lead Arranger for potential debt funding of the Project.
A summary of TMC’s key findings:
The Project is located approximately 320km east of the Port of Lobito and envisages the open pit mining and processing of near surface Rare Earth Elements (REE) bearing carbonatite ores to produce a mixed REE carbonate (MREC) concentrate which will then be marketed commercially.
The holder of the Mineral and Mining Rights over the Longonjo mining licence area is the Angolan registered company Ozango Minerais S.A. (Ozango), which is 84% owned by Portugal domiciled subsidiaries of Pensana. The balance of Ozango is held by the Angolan Sovereign Wealth Fund and two Angolan partners.
