Angolan sovereign fund buys stake in mining project

Mar 16, 2020

The Sovereign Fund of Angola has invested US$2.0 billion on a 4.8% stake in the Pensana Rare Earths mining company, which is involved in a rare earth project Longonjo, Huambo province, said the Australian company in a market statement.

“Pensana Rare Earths announces with satisfaction that it has raised more than US$2 million from the Sovereign Fund of Angola that manages a part of our investment portfolio, distributed among various sectors and asset classes, including the mining sector,” the statement issued in West Perth by the Australian mining company.

The statement said that the amount raised from what it calls “a strategic investor” will be used to carry out the definitive economic viability study of the Longonjo project, where in April 2019 rare earths were discovered.

In April 2019 a mineral prospecting project in the municipality of Sunyani, which lasted approximately two years, had identified 23 billion tonnes of metals known as rare earths.

The mining project, exploration of which was scheduled for this year, was conducted in partnership between the Empresa Nacional de Ferro de Angola (Ferrangol) and Australia’s Pensana, said the administrative director of Ozango Minerais (the company resulting from the partnership), Timothy George, who did not provide figures on the investment nor the value of the metals.

George, quoted by the Angop news agency, also said that the mine has a diameter of 2.5 kilometres and in the prospecting phase had more than 200 test holes from the surface to a depth of 35 metres, in a prospecting grid of 500/700 metres.



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