TIDMPRE
RNS Number : 4164T
Pensana Rare Earths PLC
20 July 2020
20 July 2020
Pensana Rare Earths Plc
EPCF Heads of Agreement for Longonjo Project
Pensana Rare Earths Plc (LSE:PRE ; ASX:PM8) (the " Company " )
is pleased to announce that it has entered into a heads of
agreement with China Great Wall Industry Corporation ( " CGWIC " )
for the purposes of co-operating together for the Company ' s rare
earths Longonjo Project in Angola.
CGWIC is a company with expertise and experience in
international engineering which is actively engaged in a range of
engineering projects in Africa.
The Company intends to proceed with an engineering, procurement,
construction and financing ( " EPCF " ) model for the development
of its Longonjo Project to ensure that the design and construction
of the processing plant and associated infrastructure is funded
through a single arrangement.
The heads of agreement establishes the framework for the Company
and CGWIC to work together to negotiate and engage in discussions
for CGWIC to be engaged as the contractor for the purposes of the
engineering, procurement and construction works for the Longonjo
Project and for the Company to procure financing for these project
works.
The heads of agreement contemplates that the Company will seek
the proposed debt financing component of the EPCF to be obtained
from commercial banks in China with credit insurance from SINOSURE.
The Company will seek to obtain such finance on the following
indicative terms:
-- debt funding to cover no more than 85% of project development
costs (Company to be responsible for funding the remainder);
and
-- the term of the facility will depend on the particular terms
from commercial banks and the life cycle of the project, but is not
expected to exceed 8-10 years.
Pensana Chairman Paul Atherley commented:
"We are delighted to enter into this heads of agreement with
CGWIC. With Angolan Presidential approval and backing from the
Angola sovereign wealth fund, Pensana is rapidly developing
Longonjo as the first major rare earths mine to be brought online
in over a decade to help meet the rapidly growing demand for the
magnet metals critical for electric vehicles and offshore wind
turbines and a range of other applications important for the
transition towards a green economy.
CGWIC brings to the project a successful track record in major
project development in Angola and funding from China. We are very
much looking forward to working harmoniously with CGWIC and
achieving important outcomes for Angola, CGWIC and Pensana's
shareholders ."
Ends
For further information:
Pensana Rare Earths Plc
Website: www.pensana .co.uk
Paul Atherley Chairman / Tim George, CEO contact@pensana.co.uk
Buchanan (UK Financial PR) +44 (0) 207 466 5000
Bobby Morse/ Augustine Chipungu /James pensana@buchanan.uk.com
Husband
Authorised by the Board of Pensana Rare Earths Plc
About Pensana Rare Earths
Pensana Rare Earths Plc is a junior mining company listed on the
main board of the London Stock Exchange and ASX. The Company has an
experienced mine development team that is rapidly developing the
large and high-grade rare-earths mining project located at Longonjo
near Huambo, Angola.
The Company has recently received Angolan Presidential approval
and financial backing from the Angolan sovereign wealth fund to
develop the Longonjo Project as the world's first major rare earth
mine to be brought online in over a decade to help meet the rapidly
growing demand for the magnet metals critical for electric vehicles
and offshore wind turbines and a range of other applications
important for the transition towards a green economy.
About China Great Wall Industry Corporation
CGWIC has been established for 40 years and has abundant
experience in international trade, engineering, construction over a
wide range of domestic and international projects.
Angola is an important market for CGWIC where it cooperates with
government enterprises in the areas of aerospace,
telecommunications and major engineering and construction
projects.
Forward looking statements
This announcement may contain "forward-looking statements" with
respect to certain of the Company's plans and its current goals and
expectations relating to its future financial condition,
performance, strategic initiatives, objectives and results.
Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan",
"goal", "believe", "seek", "may", "could", "outlook" or other words
of similar meaning. By their nature, all forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances which are beyond the control of
the Company, including amongst other things, United Kingdom
domestic and global economic business conditions, market-related
risks such as fluctuations in interest rates and exchange rates,
the policies and actions of governmental and regulatory
authorities, the effect of competition, inflation, deflation, the
timing effect and other uncertainties of future acquisitions or
combinations within relevant industries, the effect of tax and
other legislation and other regulations in the jurisdictions in
which the Company and its respective affiliates operate, the effect
of volatility in the equity, capital and credit markets on the
Company's profitability and ability to access capital and credit, a
decline in the Company's credit ratings; the effect of operational
risks; and the loss of key personnel. As a result, the actual
future financial condition, performance and results of the Company
may differ materially from the plans, goals and expectations set
forth in any forward-looking statements. Any forward-looking
statements made in this announcement by or on behalf of the Company
speak only as of the date they are made. Except as required by
applicable law or regulation, the Company expressly disclaims any
obligation or undertaking to publish any updates or revisions to
any forward-looking statements contained in this announcement to
reflect any changes in the Company's expectations with regard
thereto or any changes in events, conditions or circumstances on
which any such statement is based.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
MSCSFSEFUESSESW
(END) Dow Jones Newswires
July 20, 2020 02:00 ET (06:00 GMT)
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