Pensana PLC shares soared by 38% after completing a $268 million financing for its Longonjo rare earth project in Angola. The funding, primarily sourced from AFC, Absa Bank, and Angola’s Sovereign Wealth Fund, positions the project to supply 20,000 tonnes of rare earth carbonate annually. The project will create over 2,400 jobs and significantly impact global supply chains for clean energy technologies.
Pensana PLC experienced a notable 38% increase in its shares during early trading on March 18, 2025, following the successful securing of financing amounting to $268 million for its Longonjo rare earth project in Angola. This funding comprises a $160 million loan facility, primarily provided by Africa Finance Corporation (AFC) and Absa Bank, supplemented by $92 million in equity and convertible loans from Angola’s Sovereign Wealth Fund (FSDEA) and AFC.
The Longonjo project aims to produce an impressive 20,000 tonnes of high-value rare earth carbonate annually, which is vital for the manufacturing of electric vehicles and wind turbines. Upon reaching full operational capacity, the facility is projected to supply approximately 5% of the global demand for rare earth magnet metals.
According to Pensana Chairman Paul Atherley, the acquisition of this financing represents a “transformational step” for the company and the project, which is expected to generate over 2,400 jobs and benefit local businesses significantly. Additionally, its strategic location offers direct access to the Lobito rail corridor, positioning Longonjo as a critical contributor to the global clean energy transition.
The shares rose by 10.55, reaching a price of 38.45p by the end of the trading session.
The securing of $268 million in financing for the Longonjo project has resulted in a substantial share price increase for Pensana PLC. This funding not only supports the project’s potential contributions to the rare earth metal market but also promises significant job creation and local economic support. The company’s strategic advantages position it to play a vital role in the clean energy sector.
Original Source: www.proactiveinvestors.co.uk
