Pensana’s Longonjo puts Angola on the world stage

Pensana’s Longonjo puts Angola on the world stage

LSE listed Pensana ’s Longonjo Rare Earth project is fully funded.

London listed Pensana’s Longonjo project has placed Angola’s rare earth elements in the spotlight as the world’s demand for these minerals skyrocket.

Rare earths are essential for high-tech industries, from semi-conductors to advanced batteries and renewable energy solutions.

It is estimated that about one-third of the world’s rare earth mineral reserves are found in Africa. Angola’s deposits are significant, and the country is poised to become a cornerstone of the global clean energy revolution.

Pensana fully funded

Pensana announced this morning that it has received approvals for the full financing of USD268-million for the development of the Longonjo rare earth mine through its 84% owned subsidiary Ozango Minerals.

Pensana has spent more than USD70-million over the past six years on exploration and technical and environmental studies at Longonjo, located in the Huambo district of Angola, about 350km southeast of the capital Luanda.

A world class mine   

The company has successfully delineated a near surface JORC compliant reserve of 30 million tonnes grading 2.55% TREO containing 166,000 tonnes of NdPrO has been delineated making it one of the world’s largest undeveloped magnet metal rare earth deposits with a mine life of over 20 years.

Once in full second phase production the mine will produce around 5% of the world’s high value mixed rare earth carbonate, capable of being converted into permanent magnets for electric vehicles and offshore wind turbines.

It has been independently estimated that the Longonjo mine, with access to hydroelectric power and direct access to the Atlantic Port of Lobito via the Lobito Corridor rail line will save over 4 million tonnes of CO2 emissions – the carbon equivalent of replacing 1.5 GW of fossil fuel electricity generation.

Major impact on local community

According to Pensana Chairman Paul Atherley Longonjo will produce an average of 20,000 tonnes per annum of clean high value MREC and will have a major positive impact on the community, creating over 430 high value processing jobs.

“About 50% of the jobs created are expected to be allocated to young people as well as supporting local businesses, service providers and farmers. 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,” says Atherley.

Pensana’s Longonjo puts Angola on the world stage

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