PENSANA IS LOOKING TO ESTABLISH THE WORLD’S FIRST FULLY SUSTAINABLE MAGNET METAL PRODUCER AT THE SALTEND CHEMICALS PARK IN THE HUMBER REGION OF YORKSHIRE, UK.
With a recently refurbished $1.8bn rail line linking directly to the $2bn Port of Lobito just 4km from the mine site, the Longonjo project is situated in an infrastructure-rich area meaning lower capital cost and faster development.
Presidential approval for mining license received in May 2020 and Angolan Sovereign Wealth Fund has provided equity funding and is major shareholder. Heads of agreement for an 85% EPFC debt finance of the project.
EV’s are forecast to drive a 350% increase in magnet metal demand in the next five years and Offshore wind is set to overwhelm demand from EVs with a projected demand forecast of 1500% over the next 20 years.
The EU Taxonomy sets out regulations for investors, companies, issuers and project promoters to navigate the transition to a low-carbon, resilient and resource-efficient economy and came into force July 2020.