By: Ecofin agency

Pensana announced on March 4, that it secured an agreement with a strategic investor for $165 million in financing to support the development of its Longonjo project in Angola. The company said the funds would accelerate construction activities at the asset, which it positions as the first rare earths mine in the Central African country.

The company had already disclosed the initiative in December 2025, when it cited a $100 million investment from Cascade Natural Resources, the investment firm involved in the transaction. The new agreement increases that amount and grants the investor a 3.8% equity stake in Pensana in return.

Pensana said the development supports its strategy to establish a rare earths supply chain oriented toward the United States, leveraging future output from Longonjo. The company started construction of the mine in May 2025 and scheduled first production for 2027.

The mine aims to deliver 20,000 tonnes per year of mixed rare earth carbonate (MREC), a compound used in the value chain for permanent magnets and batteries.

“The strategic investment would enable the construction of the Longonjo mine, including the implementation of the recently announced drilling programme and the heavy rare earth recovery facility, the first downstream development initiatives […], as well as all overhead costs ahead of Longonjo’s first production scheduled for 2027,” Pensana said in a statement.

Although the newly announced agreement marks progress for the project, the parties must finalize definitive transaction documentation before any funds are disbursed.

Meanwhile, Pensana continues efforts to secure additional financing, notably through an ongoing agreement with the U.S. Export-Import Bank (US EXIM). The company also benefits from the support of Angola’s sovereign wealth fund, Fundo Soberano de Angola, which ranks among its main shareholders on behalf of the state.