https://www.engineeringnews.co.za
Africa|Construction|Financial|Infrastructure|Mining|Modular|PROJECT|Projects|Road|System|Underground|Water|Infrastructure
Africa|Construction|Financial|Infrastructure|Mining|Modular|PROJECT|Projects|Road|System|Underground|Water|Infrastructure
africa|construction|financial|infrastructure|mining|modular|project|projects|road|system|underground|water|infrastructure

Angolan sovereign wealth fund satisfied with Longonjo construction progress

An image showing chairperson Armando Manuel and FSDEA board members reviewing progress on site with CCO William Izod and Longonjo team members

Chairperson Armando Manuel and FSDEA board members review progress on site with CCO William Izod and Longonjo team members

15th January 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

Angolan sovereign wealth fund Fundo Soberano de Angola (FSDEA) is “delighted to see the excellent progress” that is being achieved on site at the Longonjo rare earths project, as this is an important project for the entity, FSDEA chairperson Armando Manuel has said.

On January 10, London-listed Pensana Rare Earths and its local subsidiary Ozango Minerais welcomed the full board of FSDEA to Longonjo for a site inspection. The six members of the board were accompanied by the head of investment and key analysts of the FSDEA.  

Pensana holds an 84% interest in Longonjo through its 84% holding in Angola-registered company Ozango Minerais, which, in turn, owns 100% of the mining licence.

The purpose of the visit was to review the early-stage construction activities being funded by the $15-million bridging loan from the FSDEA, ahead of conclusion of the main financing.

“[The] FSDEA has financed the acceleration of construction activities to ensure the project maintains momentum while we work with the lender consortium to conclude the main finance,” Manuel explained. 

He was keen to understand where the FSDEA can assist in the rollout of the next phase of key activities on site. 

The board advised that it was 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, South Africa.

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 considered to be a key enabler and of core benefit to the Longonjo project.

“We are grateful for the ongoing financial and other support from the 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,” says Pensana CEO Tim George.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

 

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 01 November 2024
Magazine round up | 01 November 2024
1st November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.074 0.126s - 192pq - 2rq
Subscribe Now