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Raw Materials

Sovereign Fund invests two million in Australian mining company to develop project in Angola

The mining company Rare Earths announced this Wednesday that the Sovereign Fund of Angola now holds 4.8 percent of the shares through the investment of two million dollars in the company, to finance a project in Longonjo.


"Pensana Rare Earths is pleased to announce that it has raised more than two million dollars from the Sovereign Fund of Angola, which currently manages a significant part of our investment portfolio, distributed among several sectors and asset classes, including the mining sector", read in the statement distributed in West Perth by the Australian mining company.

"When the deal is completed, the Fund will be a strategic investor in the company, holding approximately 4.8 percent of the shares after the company's capital increase", it adds in the text, which explains that "the funds now raised will be used to launch the Definitive Feasibility Study for the Longonjo project in Angola.

It is "a major mining project to be developed in Angola for a long time; it is being thought to be one of the largest suppliers of magnetic metals fundamental to the energy transition, with strong demand for electric vehicles and producers expected. of wind turbines off the coast, "said company president Paul Atherley, quoted in the statement.

"It will provide jobs and an economic stimulus at a time when the Government of Angola is actively seeking to attract foreign investment to diversify the economy," he added.

Pensana Rare Earths and the Longonjo Project have the potential to generate long-term sustainable profits for Angola and the Angolan people ", said the Fund's president, Carlos Alberto Lopes, also mentioned in the statement.

In April last year, it was reported that a mineral prospecting project in the municipality of Longonjo, in the Angolan province of Huambo, which lasted about two years, made it possible to identify 23 billion tonnes of valuable metals, known as "Terras Raras".

The mining project, the exploration of which was scheduled to start this year, was carried out in partnership between the Angolan company Ferrangol and the Australian company Pensana, indicated the managing director of Ozango Minerais (company resulting from the partnership), Timothy George, who did not give figures on the investment nor the value of the metals concerned.

According to Timothy George, cited by Angop, the deposit is close to 2.5 kilometers in diameter, with more than 200 drilling holes in the prospecting phase at a depth of 35 meters, in a prospecting grid. 500/700 meters.

The equipment for the exploration phase, which will take place over a period of 10 to 20 years, will be assembled next year, he added, stressing that the company is currently prospecting for rare earths, which produce a highly durable magnet that can be used for electric car engines and wind turbines, as well as for military or hospital use, among others.

Timothy George said drilling, sampling, mineralogy, metallurgical testing, mineral resource estimation, project engineering, open pit mine assessment, cost studies and environmental and social impact assessment were underway, in addition to consultation with the local community. .

Considered as "the gold of the 21st century", due to its rarity and economic value, Rare Lands are metals that serve as an essential raw material for high technology items.

Locating them with the necessary degree of purity and concentration is a difficult task, which is why they are considered rare.

Among the most prominent features are the conduction of heat and electricity, in addition to being structures that are highly magnetizable.

Its chemical and physical properties are used in a wide variety of technological applications and are incorporated in superconductors, magnets, catalysts, among others.

These are ores that guarantee unique characteristics to different types of metal alloys, such as iPhones, hybrid cars, lasers, among others.

The consumption of these minerals, worldwide, reaches 150 thousand tons / year.

The types of metals known as Rare Lands reach 17. However, six types are better known: Neodymium, Lanthanum, Praseodymium, Gadolinium, Samarium and Cerium.

China is the main producer and market for the ore.

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