Pensana Rare Earths is in early stage talks with lenders including Barclays, South Africa’s Rand Merchant Bank (RMB) and funds including Fidelity to secure more funding for its Angola project.
Chairman Paul Atherley said the miner planned to raise between $30-million and $50-million of working capital from the banks while funds would be tapped for about $25-million in equity for the construction of the mine.
State-owned China Great Wall Industry Corporation (CGWIC) will provide the rest of the up to $170-million required to build the rare earths project in Angola, Pensana said.