Pensana PLC has received the first $15 million tranche of a $165 million strategic investment from Cascade Natural Resources to fund its Longonjo rare earth mine project in Angola and its US mine-to-magnet strategy. Cascade acquired a 3.8% stake in Pensana by subscribing to new shares, with a further $150 million planned for investment in Pensana's subsidiary, which holds a majority stake in the Longonjo project. This funding, alongside a proposed $160 million debt package, will support mine construction, a new heavy rare earth recovery facility, resource expansion drilling, downstream development, and corporate costs. Construction is already underway, with first production expected in 2027, aiming to make Longonjo one of the largest rare earth mines globally.
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