Pensana is moving forward with Angola’s first rare earths mine at Longonjo after raising $100 million in December 2025 to support construction and project development.
Investors have already highlighted Longonjo as a potential alternative to Chinese-dominated rare earth supply chains, Ecofin Agency reported.
The mine’s success will impact Pensana and its stakeholders, who hold 84% of the project, as well as the Angolan state, which owns 10%.
Angola has significant involvement in Longonjo through both direct and indirect stakes.
The state holds a 10% interest in the mine and also controls 29.1% of Pensana’s share capital via ASF Yova Mining Holding, a subsidiary of the Fundo Soberano de Angola (FSDEA), the country’s sovereign wealth fund.
This dual role gives the Angolan state substantial influence over project decisions and entitles it to potential dividends.
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Other Angolan partners hold a combined 6% stake, while British investors maintain exposure through shareholdings in Pensana, listed on the London Stock Exchange.
These include Vidacos Nominees Limited (14%), State Street Nominees (10.3%), Interactive Brokers Limited (7%), and Hargreaves Lansdown (3.1%), all holding shares for beneficial owners.
Pensana plans to attract additional investors, particularly from the U.S., via a future Nasdaq listing.
The Longonjo mine is strategically important as China continues to dominate global rare earth supplies. Western countries are increasingly interested in projects like Longonjo to diversify sourcing, driven by rising demand linked to the energy transition.
Angola is actively supporting the project, with the FSDEA releasing $25 million in May 2025 to start construction.
The mine is expected to produce 20,000 tonnes of mixed rare earth carbonate (MREC) annually, with plans to expand to 40,000 tonnes, and has a projected 20-year operating life.
In addition to dividends and potential capital gains, the Angolan state will collect royalties and other fiscal revenues, including corporate income tax, from the Longonjo project.
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