Pensana PLC shares surged 38% after securing $268 million financing for its Longonjo project in Angola. The funding includes a $160 million loan from AFC and Absa Bank, plus $92 million from FSDEA. The project aims to produce 20,000 tonnes of rare earth carbonate annually, vital for clean energy applications.
Pensana PLC (LSE:PRE, OTC:PNSPF) saw a significant increase in its stock value, rising by 38% following the announcement of full financing for its Longonjo rare earth project in Angola, amounting to $268 million. This funding package consists of a $160 million loan led by Africa Finance Corporation (AFC) and Absa Bank, in addition to $92 million in equity and convertible loans from Angola’s Sovereign Wealth Fund (FSDEA) and AFC.
The increase in Pensana’s share price reflects investor confidence following the successful financing of the Longonjo project. This initiative is anticipated to play a crucial role in the global supply of rare earth elements, contributing to clean energy technologies and creating job opportunities in the local community.
Original Source: www.proactiveinvestors.com
