Pensana gets first tranche of USD165 million mine investment

(Alliance News) - Pensana PLC on Friday confirmed receipt of the first USD15 million tranche of the USD165 million strategic investment agreed with Cascade Natural Resources Ltd.

Shares in the London-based mineral developer were 10% higher at 98.00 pence in London on Friday.

Pensana, which is targeting rare earths for use in electric vehicles and wind turbines, announced the proposed investment on March 4.

Cascade, a fund led by former JP Morgan Africa chair Lloyd Pengilly, is investing the initial USD15 million by subscribing for 14.0 million new ordinary shares at 80p each, giving it a 3.8% stake.

Pensane said it expects the new shares to be admitted to trading in London on or around the market open on April 27.

Cascade will invest the remaining USD150 million into Sable Min Unipessoal Lda, Pensana's subsidiary, for a 38.2% stake in Sable. The subsidiary is a majority shareholder in Ozango Minerais SA, the developer of the Longonjo Rare Earth Mine in Angola.

Additionally, Cascade Chair Pengilly will be invited to join Pensana's board upon completion of the investment, along with one other Cascade nominee.

Pensana said that alongside the proposed USD160 million ABSA debt funding package, the strategic investment will fund the Longonjo mine's construction. This includes the execution of its drilling programme, which aims to increase the mine resource to one billion tonnes, and the construction of a HREE recovery facility ahead of first production, which is scheduled for next year.

By Emma Curzon, Alliance News reporter

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