The Angolan Sovereign Wealth Fund (FSDEA) will invest a further USD 8.6 million in the Longonjo Rare Earth mine, according to mining company Pensana, which partners in the project with China Great Wall Industry Corporation (CGWIC).
The investment follows the Fund’s earlier investments in the Company in March and June this year and will increase the Fund’s equity holding in Pensana to 23%, Pensana says in a statement.
The Fund will subscribe for 13,500,000 ordinary shares to raise approximately USD 8.6 million.
Paul Atherley, Chairman of Pensana Rare Earths Plc, said ongoing support from the Angolan Sovereign Wealth Fund “will ensure the continued rapid development of the Longonjo project as the first major rare earth mine to be brought online in over a decade at a time of burgeoning demand from electric vehicles and offshore wind turbines.”
Rare earths reserves at the Longonjo site, in Angola, are 2.3 times larger than the estimate used in its Pre-Feasibility Study, according to Pensana.
