The Pensana company is working on a new development plan for its Longonjo rare earth project. The aim of this plan is to reduce the initial cost by $100 million, while it had previously planned to invest $300 million to build the mine and processing infrastructure.

Pensana wants to raise $200 million for its Longonjo rare earth project. To do this, it is counting on an 80 million dollar loan from the Angolan sovereign wealth fund. Also, the company mandated Absa Bank to find the remaining 120 million dollars in the form of a loan. Earlier this week, the company indicated that the new plan under review is on track and due diligence should be finalized by the next quarter. This plan will allow for the gradual development of the project, which should produce a standardized and marketable mixed rare earth carbonate, free