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| Pensana |
$25M funding from Angolan sovereign wealth fund triggers major construction phase
London-listed Pensana has commenced main construction at its Longonjo rare earths project in Angola, following the disbursement of $25 million in mine finance by the Fundo Soberano de Angola, the country’s sovereign wealth fund.
Led by project director Kevin Botha, the construction phase marks a major milestone for the project, which has been in development for six years. Preparatory site work completed earlier this year has enabled a streamlined ramp-up.
Key engineering and procurement launched
Pensana has formally appointed engineering firms Pro-Process and ADP (Lycopodium RSA), who have now begun procurement and technical activities on-site. The main contractor, Grupo Nov, has mobilised and is expanding its on-site workforce to over 100 personnel, with additional earthmoving equipment arriving to complete terracing in the production plant zone.
CEO Tim George called the start of construction a “pivotal moment” and praised the leadership of country manager Geraldine Tchimbali and site service manager Benedito Dumbo in building early momentum.
Pensana has invested over $70 million to date in exploration, environmental, and technical studies at Longonjo. The company expects rapid progress over the coming weeks as engineering and construction teams push forward.
The Longonjo project is positioned as a strategic source of rare earths for global supply chains, contributing to the diversification of critical mineral sources beyond China.
Tags
RAREMETAL
