Latest news with #Pensana
Zawya
01-07-2025
- Business
- Zawya
Pensana Chief Executive Officer (CEO) to Headline African Mining Week (AMW), Amidst Rollout of Angola's Flagship Rare Earth Mine
Tim George, CEO of UK mining firm Pensana will participate at the upcoming African Mining Week (AMW) 2025 conference – Africa's premier gathering for mining stakeholders – as a speaker. George will contribute to a high-level panel discussion entitled Critical Minerals: Driving Renewable Development in Africa, highlighting the role of African energy transition metals such as lithium, cobalt, copper and rare earths in global decarbonization. African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ George's participation at AMW follows several significant milestones for Pensana, including a June 2025 Memorandum of Understanding with Japanese conglomerate Toyota Tsusho Corporation for the offtake of 20,000 tons of ultra-clean Mixed Rare Earth Carbonate over five years. The company also has an existing offtake agreement with Japanese trading house Hanwa, further reinforcing Longonjo's global appeal. The project is expected to supply 5% of the world's magnet metal rare earths used in wind turbines and electric vehicles, producing 20,000 tons per annum during phase one and up to 40,000 tons annually during phase two. AMW presents an opportunity for George to meet potential buyers and strategic partners to advance Longonjo's impact on the global rare earths market. AMW will enable George to update market stakeholders on Longonjo's latest financing, engineering and construction developments. Pensana has successfully secured substantial financing for the Longonjo project: $2 million from M&G Investment Management in May 2025; a $25 million facility from Angola's Sovereign Wealth Fund; and a $268 million raise for phase one development, with support from institutions such as ABSA Bank and the Africa Finance Corporation. In May 2025, the company also began construction of the mine, with first production anticipated in late 2026. In April 2025, Pensana released an updated ore reserve and mine-life estimate, indicating Longonjo's potential to hold 22 million tons of rare earths in reserves. The mine's life is estimated at 20 years. Under theme, From extraction to Beneficiation: Unlocking Africa's Mineral Wealth, AMW will host George and key African mining stakeholders, policymakers and global partners to discuss and maximize prospects within Africa's mining value chain. Distributed by APO Group on behalf of Energy Capital&Power.
News24
24-06-2025
- Business
- News24
US sticks to plan for new African critical minerals railway
• For more financial news, go to the News24 Business front page. The US International Development Finance Corporation is finalising more than $500 million in financing for the Lobito corridor, a railway project that will haul critical minerals from central Africa's copper belt to an Atlantic port in Angola. The DFC is 'actively negotiating' with stakeholders, including the Angolan government and Trafigura Group over the funding, Conor Coleman, head of investments at DFC, told reporters on the sidelines of the US-Africa Business Summit in the Angolan capital, Luanda, on Monday. 'We remain very committed to that project overall and we're working tirelessly to make sure that project is effectuated,' he said. The DFC first said it's reviewing financing for the project in 2023. Coleman declined to comment on the reasons for the delay, adding that they're unrelated to any changes the Trump administration has planned for the DFC. 'There's business as usual' at the DFC, Coleman said. 'You'll see us playing a lot in critical minerals infrastructure, both digital and transportation, as well as energy, especially here on the African continent.' The DFC has committed a $3.4 million technical assistance grant to Pensana's rare-earths extraction and processing project in Angola and is in talks to finance Carrinho Group's agricultural manufacturing plant through a senior secured-debt facility. In separate comments, Angola's Minister of State for Economic Coordination Jose de Lima Massano attributed the delays to contractual clauses, including guarantees sought by the funders. 'These aren't state loans,' Massano said. 'We're working to ensure the right conditions for private investment to advance quickly.' Neighbouring Democratic Republic of Congo is also asking the DFC to support plans to rehabilitate a railway line from the country's copper and cobalt mines around the town of Kolwezi that connects to the corridor, Congolese Transport Minister Jean-Pierre Bemba said. The country is already in talks with the European Union and the European Investment Bank about supporting a public-private partnership to develop the project, Bemba said. A small amount of planned funding for the project from USAID was blocked amid cuts to the agency by the Trump administration earlier this year. Congo's government plans to launch a tender to build the infrastructure in November, with the hope the railway may be running in three years, Bemba said. Congo is the world's biggest cobalt producer and second-largest copper miner, and has huge deposits of lithium that could be shipped along the line. The Trump administration has shown a keen interest in Africa's critical minerals as it seeks to challenge China's dominance. While the US lags China in the minerals race in Africa, it's 'not too late,' Coleman said. China currently processes all the minerals it extracts from the continent in China, 'and that's not what any of the countries want,' he said. There is room for the US and for the countries to diversify their customer base and think differently about beneficiation, Coleman said. 'There's opportunity in the lateness.'
Yahoo
24-06-2025
- Business
- Yahoo
US Finalizing $500 Million for African Critical Minerals Railway
(Bloomberg) -- The US International Development Finance Corp. is finalizing more than $500 million in financing for the Lobito corridor, a railway project that will haul critical minerals from central Africa's copper belt to an Atlantic port in Angola. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US State Budget Wounds Intensify From Trump, DOGE Policy Shifts 'We Were Failed': Johannesburg Transit Access Remains Scant for Commuters The DFC is 'actively negotiating' with stakeholders, including the Angolan government and Trafigura Group over the funding, Conor Coleman, head of investments at DFC, told reporters on the sidelines of the US-Africa Business Summit in the Angolan capital, Luanda, on Monday. 'We remain very committed to that project overall and we're working tirelessly to make sure that project is effectuated,' he said. The DFC first said it's reviewing financing for the project in 2023. Coleman declined to comment on the reasons for the delay, adding that they're unrelated to any changes the Trump administration has planned for the DFC. 'There's business as usual' at the DFC, Coleman said. 'You'll see us playing a lot in critical minerals infrastructure, both digital and transportation, as well as energy, especially here on the African continent.' The DFC has committed a $3.4 million technical assistance grant to Pensana Plc's rare-earths extraction and processing project in Angola and is in talks to finance Carrinho Group's agricultural manufacturing plant through a senior secured-debt facility. In separate comments, Angola's Minister of State for Economic Coordination Jose de Lima Massano attributed the delays to contractual clauses, including guarantees sought by the funders. 'These aren't state loans,' Massano said. 'We're working to ensure the right conditions for private investment to advance quickly.' Neighboring Democratic Republic of Congo is also asking the DFC to support plans to rehabilitate a railway line from the country's copper and cobalt mines around the town of Kolwezi that connects to the corridor, Congolese Transport Minister Jean-Pierre Bemba said. The country is already in talks with the European Union and the European Investment Bank about supporting a public-private partnership to develop the project, Bemba said. A small amount of planned funding for the project from USAID was blocked amid cuts to the agency by the Trump administration earlier this year. Congo's government plans to launch a tender to build the infrastructure in November, with the hope the railway may be running in three years, Bemba said. Congo is the world's biggest cobalt producer and second-largest copper miner, and has huge deposits of lithium that could be shipped along the line. The Trump administration has shown a keen interest in Africa's critical minerals as it seeks to challenge China's dominance. While the US lags China in the minerals race in Africa, it's 'not too late,' Coleman said. China currently processes all the minerals it extracts from the continent in China, 'and that's not what any of the countries want,' he said. There is room for the US and for the countries to diversify their customer base and think differently about beneficiation, Coleman said. 'There's opportunity in the lateness.' Sign up here for the twice-weekly Next Africa newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen. Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? What Mike Tyson and the Bond Market Can Teach Trump on Debt ©2025 Bloomberg L.P. Sign in to access your portfolio
Zawya
10-03-2025
- Business
- Zawya
African Mining Week (AMW) to Showcase Angola's Critical Mineral Prospects
Angola has set a target to become a key exporter of value-added critical minerals in the next 10 to 15 years. As the country pursues this goal, the upcoming African Mining Week (AMW) - Africa's premier mining event - will spotlight Angola's growing potential as global critical minerals exporter. Angola has identified 34 of the 54 critical minerals recognized by the European Union across its mineral-rich basins and is ramping up exploration, production and downstream projects to unlock its industry potential. The government is promoting investment across the critical mineral value chain as a strategy to advance economic diversification while unlocking greater revenue generation from the mining industry. AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference from October 1 -3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ Across the country, various mining developments are taking off. In January 2025, UK-based Pensana secured funding from South Africa's Absa Bank to accelerate the development of the Longonjo Rare Earth Project. The $325 million project is expected to supply 5% of the world's high-grade rare earth carbonate, generate $6 billion in export revenue and contribute $1 billion in tax revenue to regional treasuries, helping Angola diversify its revenue generation. Meanwhile, Chinese mining firm Shining Star is set to commence production this year at the 40-million-ton Mavoio-Tetelo copper project in northern Angola. The project is expected to produce 300,000 tons of copper per annum, significantly boosting Angola's mining revenue. Australian firm Tyranna Resources - in partnership with China's Sinomine - is advancing multiple lithium projects in Angola, with ongoing drilling activities identifying additional reserves and expediting mine development. These projects include the Namibe and Muvero lithium mines. Canada's Ivanhoe Mines has also initiated a series of copper exploration projects in Angola's Moxico and Cuando Cubango provinces, contributing to efforts to diversify the nation's mining sector and revenue streams. To increase value addition across the manganese sector, Angola is developing a $250 million manganese-to-silica processing facility in partnership with Chinese firm ST New Materials. The project is expected to be operational in 2025. The country is also spearheading projects to produce steel from iron mined in the Kasinga region. As Angola seeks to attract new investors across the critical mineral value chain, AMW 2025 will bring together Angolan stakeholders and global investors to discuss partnerships and industry growth opportunities. AMW will host panel discussions, project showcases and exclusive networking opportunities, connecting international investors with Angola's rapidly expanding critical minerals market. Distributed by APO Group on behalf of Energy Capital&Power.
