PRE Pensana Plc

 
TIDMPRE 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
Pensana Plc 
 
("Pensana" or the "Company") 
 
Angolan Sovereign Wealth Fund Reviews Longonjo Construction Progress 
 
On 10 January 2024, Pensana and its local subsidiary Ozango Minerais S.A, 
welcomed the full board of Directors ("the Board") of the Angolan Sovereign 
Wealth Fund ("FSDEA") to Longonjo for a site inspection. The six members of the 
Board were accompanied by the head of investment and key analysts of FSDEA. 
 
The purpose of the visit was to review the early-stage construction activities 
being funded by the US$15 million bridging loan from FSDEA, ahead of conclusion 
of the main financing. 
 
The Chairman of the Board, Armando Manuel, highlighted the importance of the 
Longonjo project in the FSDEA investment portfolio. The Chairman was keen to 
understand where FSDEA can assist in the roll-out of the next phase of key 
activities on site. 
 
The Board advised that it was very satisfied with the activities completed to 
date, namely the deployment of capital for the civil works for the camp, the 
rehabilitation of the access road to the Longonjo railway station and the 
agricultural demonstration plots under the Livelihood Restoration Programme. 
 
The Board also visited the overhead powerlines, which together with an 
underground water supply and effluent disposal system, have been installed ahead 
of the arrival of the 350-person modular camp currently being assembled in 
Johannesburg. 
 
The visit was part of a larger review of projects along the important Benguela 
railway line connecting Longonjo to the port of Lobito, known as the Lobito 
Corridor. This infrastructure is a key enabler and core benefit to the Longonjo 
project. 
 
Armando Manuel, Chairman of the FSDEA Board commented: "We are delighted to see 
the excellent progress being achieved on site at Longonjo, which is an important 
project for us. FSDEA has financed the acceleration of construction activities 
to ensure that the project maintains momentum whilst we work with the lender 
consortium to conclude the main finance." 
 
Tim George Pensana CEO commented:"We are grateful for the ongoing financial and 
other support from FSDEA for what is going to be a very important project in 
terms of high value long-term jobs. We are making good progress on site. Over 
the past few months, the site team has transitioned to a high-performance 
delivery role and is busy preparing for the main construction activities. We are 
in good shape to commence construction activities as soon as the financing is 
completed." 
 
The information contained within this announcement is considered by the Company 
to constitute inside information as stipulated under the Market Abuse 
Regulations (EU) No.596/2014. Upon the publication of this announcement via a 
Regulatory Information Service, this inside information will be considered to be 
in the public domain. The person responsible for arranging for the release of 
this announcement on behalf of the Company is Paul Atherley, Chairman. 
 
- ENDS - 
 
For further information, please contact: 
 
Shareholder/analyst enquiries: 
 
Pensana Plc 
 
Paul Atherley, ChairmanIR@pensana.co.uk 
 
Tim George, Chief Executive Officer 
 
Rob Kaplan, Chief Financial Officer 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

January 15, 2024 04:09 ET (09:09 GMT)

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