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, Chairman IR@pensana.co.uk
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer
