Pensana receives funding for rare-earth project in Angola

Pensana secures funding for rare-earth project in Angola

LUANDA, March 21, 2025 – Mining company Pensana has secured USD 268 million to fund its Longonjo rare-earth project in Angola, the company reported in a statement on Tuesday.

The funding is sourced from three entities. A USD 160-million syndicated loan facility is being supported by the Africa Finance Corporation (AFC) and Absa Bank. The AFC will provide USD 81.2 million, with Absa providing the other portion of the facility. The other USD 108 million comes from the Angola Sovereign Wealth Fund. Pensana will use the total funding to cover phase one of its Longonjo rare-earth project. Following the announcement, Pensana’s stock jumped by 38%.

Regarding the significance of the project, Paul Atherley, chairman of Pensana, said, “The Longonjo project will produce an average of around 20,000 tonnes per annum of clean high-value MREC [mixed rare-earth carbonate] and will have a major positive impact on the community, creating over 430 high-value processing jobs.”

“Once in full second-phase production, the project will create an estimated 2,400 direct and indirect jobs and will produce around 5% of the world’s magnet metal rare earths used for diverse applications, including wind turbines and electric vehicles.”

The Longonjo Project is one of several important mining projects for Angola, as it continues to revamp its mining industry.

Photo courtesy of Pensana

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