• UK-based Pensana aims to bring Angola’s first rare earths mine into production by 2027.

• Pensana raised $100 million in December 2025 to advance construction of the Longonjo project.

• Angola holds 10% of the mine and 29.1% of Pensana’s capital through its sovereign wealth fund subsidiary.

Investors have already identified Longonjo as a potential alternative to Chinese-dominated rare earth supply chains. Pensana raised $100 million in December 2025 to advance construction works and support the project’s development. The project’s success will directly affect Pensana and its stakeholders, which hold 84% of the mine, as well as the Angolan state, which holds 10%.

Strong Angolan Interests

Angola has secured significant exposure to the Longonjo project through both direct and indirect stakes. The state holds a 10% interest in the future mine. In addition, Luanda holds 29.1% of Pensana’s share capital through ASF Yova Mining Holding, a subsidiary of the Fundo Soberano de Angola (FSDEA), the country’s sovereign wealth fund.

This dual participation grants the Angolan state substantial decision-making influence in the project. The structure also allows the state to receive potential dividends distributed to shareholders.

Other Angolan partners complement the capital structure with a combined 6% stake in the project. At the same time, British investors maintain exposure to Longonjo through shareholdings in Pensana, which trades on the London Stock Exchange.

These investors include Vidacos Nominees Limited, which holds 14%; State Street Nominees, which holds 10.3%; Interactive Brokers Limited, which holds 7%; and Hargreaves Lansdown, which holds 3.1%. These private entities legally hold shares on behalf of beneficial owners. Pensana may attract additional investors, particularly from the United States, as the company seeks to broaden its investor base through a planned listing on the Nasdaq.

A Strategic Asset in a Critical Market

China maintains a dominant position in global rare earth supply. However, projects such as Longonjo are attracting growing attention from Western countries seeking to diversify sourcing strategies. Strong anticipated demand for rare earths in the energy transition is reinforcing this strategic interest.

Angola is actively supporting the project. The FSDEA released $25 million in May 2025 to initiate construction. The project aims to produce 20,000 tonnes of mixed rare earth carbonate (MREC) annually. The company plans to double output to 40,000 tonnes in a later expansion phase. The mine has a projected operating life of 20 years.

Beyond potential capital gains and dividends linked to its shareholdings, the Angolan state will also collect royalties on future Longonjo revenues. The state will also collect additional fiscal revenues, including corporate income tax.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de Berry Quenum