By: Creamer media

The company will use this drawdown for main construction works on site.

The fund has also agreed to convert a $15-million bridging loan into equity, which was previously advanced over the last 18 months to facilitate early-stage construction at Longonjo.

Chairperson Paul Atherley in a statement expressed gratitude towards the fund for its ongoing support of the Longonjo project.

He remains confident that, as one of the world’s largest and highest-grade underdeveloped magnet metal rare earth projects, its development will generate hundreds of high-value local jobs, local business opportunities and substantial fiscal returns for the Angolan government.

Rare earths developer Pensana Rare Earths holds an 84% interest in Longonjo through its 84% holding in Angola-registered company Ozango Minerais, which, in turn, owns 100% of the mining licence.

The Angolan government holds a 10% interest and the company’s Angolan partners the remaining 6%.

At full production, once the phased development is complete, the $217-million Longonjo mine will target production of up to 38 000 t/y of mixed rare-earth double sulphate or mixed rare-earth carbonate containing 14 000 t of total rare earth oxides and up to 4 400 t of neodymium/praseodymium (NdPr) oxides.

This equates to about 5% of the worldwide production of NdPr oxides a year for downstream processing or to be sold on the international market.

Initial production is expected to start in 2026.

Initial feedstock will be shipped as a clean, high-purity mixed rare-earth sulphate to Pensana’s Saltend rare earth oxide separation facility, in the UK.