Pensana (LSE:PRE) said on Monday that it is in talks with Cascade Natural Resources and other major shareholders to secure US$75-90 million of equity financing for subsidiary Ozango Minerais, the vehicle developing its Longonjo rare earth mine in Angola.
The London-listed rare earths developer said Cascade expects to deploy a significant tranche of that financing within 14 days, after investing US$15 million so far of its planned US$165 million commitment to the project.
Longonjo's construction schedule is 30% complete, with more than 60% of procurement committed, Pensana said, as it targets commissioning in January 2028 and full production by September 2028.
The project previously reported construction more than 30% complete when Pensana disclosed in September that the completion timeline had slipped from an earlier 2028 target to late 2028, a delay the company attributed to a slowdown in detailed design work, high-cost site activities and long-term procurement while financing was finalised.
Pensana said Longonjo is fully permitted and engineered, and holds the lowest capital intensity and largest ore body among its peer group, with Benchmark Minerals Intelligence classifying it as one of only five rare earth mines globally rated "highly probable".
The company said it expects binding offtake agreements and debt approvals by February 2027 to support planned debt facilities with ABSA and EXIM, with discussions underway with potential offtake partners in Japan and the United States.
Read more about Pensana
- 25/09/26Pensana pushes Longonjo timeline to late 2028
- 18/06/26Qatar-backed Cascade bolsters Pensana board ahead of $165m rare earth investment
- 08/06/26Pensana secures US$165m Cascade investment to anchor Longonjo mine-to-magnet build
Pensana said US customers are generally more focused on a planned second-phase expansion to 40,000 tonnes per year of mixed rare earth carbonate (MREC) rather than the initial 20,000 tonnes per year production, which it said is expected to be mostly or entirely covered by the Japanese discussions.
The company has spent more than US$90 million to date taking Longonjo from exploration toward production over roughly nine years, which it said compares with a global average of more than 16 years for most mines, according to S&P Global Market Intelligence.