9th Jun 2026 01:01
Pensana PLC - London-based mineral developer - Notes construction of its Longonjo Mine in Angola is 22% complete, having spent USD36 million of its USD250 million development project budget. The Longonjo Mine "will extract, concentrate, calcine and chemically refine the free dig material to produce high-value mixed rare earth carbonate (MREC) to be railed 273 km to the Atlantic port of Lobito for export," says Pensana. The company notes a rare earth target production of over 122 tonnes per year of dysprosium and terbium. "We are delighted with the progress by the team on site... Detailed design has progressed well and resulted in securing the bulk of the procurement programme and consequent fabrication processes, thus significantly reducing possible capital overruns," adds Tim George, chief executive officer of Pensana. The company says the programme is on target and on budget for commissioning in 2027.
Current stock price: 90.30 pence, closed down 0.3% each in London on Monday
12-month change: up 35%
By John Robaina, Alliance News reporter
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