According to Mining Weekly, London-listed Pensana is continuing discussions with Cascade and other major shareholders regarding an equity investment in its subsidiary, Ozango Minerais, to bring the Longonjo rare earth project in Angola into production in early 2028, with full production expected later that year.
The proposed equity financing for Ozango is expected to range from $75 million to $90 million, with Cascade expected to raise most of the funding within the next 14 days.
To date, Cascade has contributed $15 million toward its previously committed investment of $165 million.
Longonjo is one of the world’s largest undeveloped rare earth deposits. Despite some delays caused by equity financing challenges, the project could become the first new rare earth mine to enter production in more than a decade capable of producing both light and heavy mixed rare earth carbonates (MREC), Pensana emphasized.
The Longonjo rare earth project has secured all necessary permits, completed its detailed design and achieved 30% overall construction progress, while 60% of procurement expenditure has been committed.
In addition to signing a power purchase agreement with the Laúca hydropower plant, Longonjo will export its products directly through seaports via the Lobito Corridor.
The mine is expected to initially produce 20,000 tonnes of mixed rare earth carbonate annually, increasing to 40,000 tonnes per year by its fourth year of operation.
Pensana has invested more than $90 million in the project to date and has taken nine years to advance it from exploration to development. According to S&P Global Market Intelligence, most mines typically take more than 16 years to progress through the same stages.
[出处 – 上海有色网] 彭萨纳公司继续融资开发隆贡若项目 https://news.smm.cn/news/104183705
