Pensana PLC - rare earths explorer - Outlines new plan which will reduce capital expenditure at Longonjo asset to $105 million from $200 million. Major shareholder FSDEA to provide immediate $15 million loan facility, which forms part of a broader $80 million investment. Funding will go towards development of mine. Absa Bank, meanwhile, will arrange $120 million project debt facility. ‘We are delighted with the ongoing support from the government of Angola, FSDEA, Absa and others for the development of this important project. Longonjo is one of the world’s largest undeveloped rare earth projects which benefits from a high-grade near surface orebody, with low-cost hydroelectricity and direct access to the Lobito Corridor rail and port infrastructure,’ Chair Paul Atherley says. Mine will employ around 650 people during construction and will create 420 permanent high value jobs, Pensana adds.

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