Pensana announces early-stage construction of REE processing facility in the UK and mine in Angola
(Kitco News) - Pensana (LSE:PRE) announced today that it continues to enjoy strong support from its existing shareholders raising £15.0 million (US$21.1 million) at a premium to the recent share price to progress early-stage construction of the world class rare earth separation facility, located at Saltend Chemicals Park in the UK, and Longonjo rare earth mine in Angola, ahead of the main financing which is currently targeted for Q4 2021.
The company said that the Angolan Sovereign Wealth Fund continues to support the company as part of the Angolan Government's strategic objective of diversifying its economy away from the oil and gas sector by supporting key mining projects.
The funds will be applied to progress early-stage construction, ordering equipment and bulk materials, fabrication costs, establishing site infrastructure and working capital requirements.
Chairman Paul Atherley commented, "This ongoing strong shareholder support is very welcome and will enable us to rapidly establish in the UK the world's first major rare earth processing facility in over a decade to meet the burgeoning demand from EVs and offshore wind turbines."