According to the final results of the engineering studies carried out in this region, quoted by the news agency Ecofin, the investment for the mine in Angola and the factory in the United Kingdom remains at US$494 million, but the exploration period up to the profit is reduced from 2.1 years to one and a half years.
In addition, expected annual revenues improve from 705 million to 976 million dollars.
The project to extract rare earth minerals in Longonjo, in Huambo province, aims to make Angola a supplier in a market dominated by China and Australia.
The Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, said in March that the presidential approval of the Longonjo Mining Investment Contract "reflects the Government's strong support for private investment, in order to support the diversification of the economy and bring economic benefits and social benefits to the communities where the projects are installed".
According to the same source, "Pensana's investment will be one of the largest at the regional level in Angola in recent years, it will create jobs, provide professional training and support local businesses, in addition to strengthening infrastructure in the Huambo region".
The Fundo Soberano de Angola is one of the shareholders of Pensana Rare Earths, through the acquisition of a 4.8 percent stake for 2 million dollars.
