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Pensana PLC on Tuesday said it has secured a $100 million strategic equity investment to accelerate development of its Longonjo rare earths project and support its US ‘mine-to-magnet’ strategy. The strategic investor will subscribe for 95 million new shares, subject to due diligence and shareholder approval. Pensana will also raise $3 million through a placing of 2.9 million new shares at 80 pence each, which will be admitted to the London Stock Exchange’s Main Market. Chair Paul Atherley said the investment will help keep Longonjo’s construction on track ahead of a US ban on Chinese-origin rare earth magnets in defence systems from 2027, while also positioning Pensana as an alternative supplier as a 25% US tariff on Chinese rare earths comes into force next year. Proceeds will fund further drilling to extend Longonjo’s life of mine, development of heavy rare earth co-products, and preparations for a planned Nasdaq listing in 2026. Atherley said Longonjo, backed by Angola’s sovereign wealth fund FSDEA, is advancing well and is expected to become one of the world’s largest rare earth producers once production starts in 2027. Pensana shares were down 3.7% at 95.00 pence in London on Tuesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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