IN BRIEF: Pensana sees loss narrow as work progresses at Longonjo
Pensana PLC - London-based rare earths explorer - reports USD2.9 million loss for the six months ended December 31, narrowed from a USD3.5 million loss the year before. Company is non-revenue generating but administration expenses decreased 26% on-year to USD2.5 million from USD3.5 million. Cash & equivalents total USD40,133 as of December 31, down 97% from USD1.5 million at June 30. Says early construction activities at the Longonjo rare earth project in Angola continued during the period. Also notes that that in March it received approvals for full financing worth around USD268 million. "The approval for main financing is a key milestone and now allows for the full commencement of main construction activities at Longonjo," Pensana says. The debt funding comprises about 60% of Longonjo's phase 1 project funding, and includes participation by Africa Finance Corp of USD81.2 million and by ABSA Bank Ltd of USD78.8 million. Company also notes that it has access to a GBP3.0 million term loan facility and GBP1.72 million available under a directors' loan facility, so does not require immediate funding to provide working capital. Read More