LONDON, UK: Pensana Plc announced that Fundo Soberano de Angola (FSDEA), the Angolan Sovereign Wealth Fund, will make a further equity investment in the company of US$10.0 million.

These funds will be directed towards the Longonjo project’s early works programme which is now underway, including:

• Establishment of the construction camp, site offices and associated infrastructure ahead of main plant construction activity in 2023
• Completion of the detailed design for the concentrator and Mixed Rare Earth Sulphate plants
• Mine HT/LT Substation detailed design and hydro-power transmission line link establishment works
• Rail-side off-loading facilities for construction materials and
• Agricultural Livelihood restoration activities

The investment follows FSDEA’s previous investments in Pensana Plc over the past two years and will increase FSDEA’s equity holding in the Company to 24.42%, subject to the necessary regulatory approvals.

FSDEA will subscribe for 12,331,334 ordinary shares at £0.667 pence per share (US$0.811 cents per share) (Subscription Shares), to raise US$10.0 million (£8.23 million) conditional upon Admission of those shares to the Official List (Standard Segment) and the LSE’s Main Market for listed securities.

The Chairman of the Fundo Soberano de Angola, Carlos Alberto Lopes stated: “This additional investment is an expression from the Angolan Sovereign Wealth Fund of its continuous support for the Longonjo project, for what it represents for Angola’s participation in a sector of crucial importance for the Green Economies narrative, as well as for the positive impact it will have for Angola, from the socioeconomic point of view.”

Pensana Plc Chairman Paul Atherley commented: “We very much appreciate the ongoing support from the Angolan Sovereign Wealth Fund, which will enable the recently appointed Project Delivery Team to accelerate development of the Longonjo project.

The ongoing support for the project by the Angolan Sovereign Wealth Fund demonstrates the Angolan Government’s commitment to Longonjo. It also highlights the economic and social potential of this flagship project, as part of efforts to diversify the Angolan economy away from oil and gas towards mining, tourism and agriculture.”