Pensana hosts investors, govt representatives at its Longonjo mine
In preparation for building one of the world’s largest and highest-grade magnet metal rare earth mines later this year, London-listed Pensana has hosted key stakeholders on site at its Longonjo project, in Angola.
CEO Tim George and project director Kevin Botha hosted the Angolan Sovereign Wealth Fund for a week-long visit to the site towards the end of March, as well as held meetings with key Angolan government agencies at local and national level.
The areas of focus during the visit included on-site inspection of the licence area, engagement with the surrounding community and a review of the rail and road infrastructure.
George and Botha also updated authorities and lenders on the site works that have been done so far, in preparation for construction.
The $217-million investment for the project is poised to have a significant positive impact on the region, including the creation of 650 jobs during construction and about 400 high-value direct jobs during operation, while boosting the local economy.
Localised supply of services and consumables, including limestone, alongside the creation of new supporting business in the local community will have a significant impact, George states.
He estimates that 45% of operational expenditure will be from local resources.
The operation will also bring training opportunities that will deliver the workforce for the Longonjo project.
The mine will comprise an openpit operation, concentrator and recovery plant, as well as a tailings storage facility. It will produce mixed rare earth carbonate to be railed 273 km to the Atlantic Port of Lobito for export.
Pensana owns 84% of the Longonjo mine, with the Angolan Sovereign Wealth Fund holding a 10% interest and other parties the balance.
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