London-listed Pensana commends the government of Angola for instilling attractive policies and growing interest in the country’s exploration potential.

This comes as the country recorded an improvement in its ranking to forty-seventh out of 86 countries in the yearly Investment Attractiveness Index for 2023, compared with its ranking of fifty-ninth out of 62 countries in 2022.

The Investment Attractiveness Index is a composite index produced every year by the Fraser Institute that combines the Policy Perception Index and the Best Practices Mineral Potential Index.

The Attractiveness Index is based on factors such as onerous regulations, taxation levels, the quality of infrastructure, and other investment related matters.

Angola is one of this year’s biggest movers, which Pensana CEO Tim George says is overdue recognition for its attractiveness as a mining investment destination. Angola’s National Development Plan up to 2027, which was approved last year, is said to position the country well for foreign investment and collaboration.

Pensana is developing the Longonjo rare earths project, in Angola.

Angola is now ranked more highly than Spain and Australia’s state of Victoria and continues to attract significant investment from major mining companies, such as Ivanhoe Mines, Anglo American and Rio Tinto.

In February, the US International Development Finance Corporation announced a $1.6-billion investment into projects across the Lobito Corridor in Angola, aimed at delivering high-quality infrastructure and investment into agriculture, healthcare and financial services.

Notably, Pensana’s Longonjo project is located adjacent to the Lobito rail corridor, which will provide a quick western route to market for its rare earth carbonates. The products will be railed 273 km to the Atlantic port of Lobito.

The Angolan government is keen to diversify away from diamonds and crude oil, as it has largely untapped mineral wealth. About 60% of the country is considered unexplored for metals and minerals.

Angola is believed to have mineral resources of iron-ore, rare earths, manganese, copper, gold, phosphates, granite, marble, uranium, quartz, lead, zinc, wolfram, tin, fluorite, feldspar, mica, asphalt, gypsum and talc.