US institution backs Pensana’s expansion studies in Angola
The US International Development Finance Corporation (DFC) has awarded rare earths miner Pensana a $3.4-million technical assistance grant, which will help fund studies into the proposed expansion of the Longonjo mine, in Angola.
The expansion of Longonjo, which Pensana estimates will cost $100-million, will double capacity to 40 000 t/y of mixed rare earth carbonate (MREC) containing 4 200 t of neodymium and praseodymium.
Once in full production, the Longonjo project will produce about 5% of the world’s neodymium and praseodymium in the form of an exported MREC.
The grant will also fund studies into development of Pensana’s recently discovered Coola deposits and potential downstream processing in Angola.
The DFC offers a technical assistance programme as part of the US Better Utilisation of Investments Leading to Development Act, which is used to provide advice and financial support, as well as prepare future deals, for the institution to stimulate development.
The grant funds are to be equally matched by Pensana over the next 27 months.
Additionally, the grant funds have been earmarked for specific projects which have the potential to receive later loan funding from DFC for any necessary capital, contingent on the successful completion of associated feasibility studies.
DFC technical assistance specialist Anna Mann says this initiative at Longonjo complements the institution’s participation in the Lobito Corridor rail project, in Angola, opening the way to stimulate future growth in the area – particularly for processing and supply of critical minerals.
Pensana CEO Tim George says the grant is testament to the project’s further development potential and secures a path to longer-term future funding.
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