As one of Africa’s leading investors in the development of rare earth elements (REEs), Pensana’s participation will be crucial in discussions on meeting rising demand for REEs, which are used in renewable energy and EV technologies, and establishing Africa’s role in the global minerals supply chain.
The Critical Minerals Africa 2024 summit on November 6 - 7 serves to position Africa as the primary investment destination for critical minerals. The event is held alongside the African Energy Week: Invest in African Energy 2024 conference (www.AECWeek.com) on November 4 - 8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.
Last March, Pensana secured an $80-million loan from Angola's sovereign wealth fund to implement a revised execution plan for its flagship Longonjo Rare Earth Project. With offtake agreements secured for 100% of Longonjo’s production, the loan will enable Pensana to accelerate project development, targeting first production by 2026. As one of the world’s largest and highest-grade magnet metal rare earth deposits, the project is set to position Angola as a strategic critical minerals supplier. George is expected to provide an update on the project, as well as highlight ongoing innovations aimed at improving the efficiency and sustainability of rare earth extraction and processing activities.
Pensana also stands to benefit from the Longonjo project’s proximity to the planned Lobito Corridor, which will facilitate the transport of mineral resources from Africa’s Copperbelt region to international buyers. As Angola forges cooperation with global partners to advance the project – including the governments of Zambia and the Democratic Republic of the Congo, USAID, the European Commission and the African Development Bank – the summit will address the role of supportive government policies in building resilient transport and logistics infrastructure for continued growth of the sector.
In addition to the Longonjo project, Pensana is advancing exploration and resource studies at the Coola Carbonatite and Sulima West REEs exploration projects in Angola, affirming its commitment to the sustainable growth of the country’s mining industry. At CMA 2024, George will unpack the wide range of socioeconomic benefits that Pensana’s projects will generate for Angola, including local job creation and broad infrastructure development.
Distributed by APO Group on behalf of Energy Capital & Power.
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