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Pensana PLC on Thursday said Angola’s sovereign wealth fund has agreed to a staged conversion of its bridging loan and hailed ongoing shareholder support for its proposed plans to develop a US mine and list in New York. The London-listed developer focused on developing a mine-to-magnet rare earth supply chain said the FSDEA has agreed to a staged conversion into Pensana equity of the $15 million bridging loan. In May, the FSDEA had agreed the terms for the conversion, which was previously planned to be advanced over the past 18 months to facilitate early-stage construction at Longonjo. The staged conversation announced on Thursday is intended to manage FSDEA’s ownership percentage in Pensana and support the inclusion of new institutional investors at the time of the proposed Nasdaq listing in mid-2026, Pensana said. The company added that M&G PLC had ‘recently expressed ongoing support’ for its plans to develop a US-focused mine-to-magnet supply chain, an investment of $100 million from a strategic investor, and the proposed Nasdaq listing by agreeing to invest a further £5 million in Pensana. ‘We very much welcome the ongoing support from the company’s two largest shareholders for the US focused mine to magnet strategy and for the proposed Nasdaq listing mid-2026,’ said Chair Paul Atherley, ‘The integration of Longonjo into a world class major mine to magnet supply chain via the Lobito Corridor has the potential to put Angola on the map as a major long term and reliable supplier of rare earths at a time when the US is looking to realign dependency away from a single source.’ At the beginning of the month, Atherley said Longonjo is advancing well and is expected to become one of the world’s largest rare earth producers once production starts in 2027. Shares in Pensana fell 1.4% to 88.00 pence on Thursday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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