Pensana Metals Appoints International Engineer For PFS Of Longonjo NdPr Project

Pensana Metals Ltd

Mineral Resource company Pensana Metals Ltd (ASX: PM8) has today announced the appointment of international engineer Wood Group to execute a Preliminary Feasibility Study  (PFS) for the expedited development of the Longonjo NdPr Project.

The appointment will see Wood Group investigating an opportunity to fast track the  Longonjo  NdPr  Project into production under the Preliminary  Feasibility  Study. The study aims to deliver a low capital cost open pit mining operation and exporting flotation concentrates to customers in China via the recently upgraded Benguela rail line port of Lobito. 

Pensana Metals’ Chief Operating Officer, Dave Hammond, stated “Last month’s substantially increased Mineral Resource estimate has enabled the company to bring forward the PFS. The company look forward at a low  capital cost, shallow open pit and flotation operation producing a high?grade  concentrate  for  export  to  China  via  the  adjacent  major  rail  and  port  infrastructure.”

The company’s decision to expedite the development studies comes after a large, high-grade Mineral Resource estimate was completed for the company’s 84% owned Longonjo NdPr Project in Angola. Wood Group has also undertaken the Scoping Study for Longonjo and has an experienced rare earth mining and development team.

As per the company’s information, the  PFS base case for the initial development will consist of a  shallow open pit mine and flotation plant on site, taking advantage of the modern rail and port infrastructure already in place on the projects doorstep. The Chinese built US $1.8 billion Benguela rail line is located just 4 the project and runs directly to the Atlantic port at  Lobito, linking the project to customers in  China.

Pensana has already started the discussion with potential financiers, and it is expected that a financing package will be finalised to coincide with the completion of the PFS, scheduled for September 2019.  The company believes that the completion of a favourable PFS would lead to Front  End  Engineering  Design  (FEED)  and  Engineering  Procurement  Construction  Management (EPCM).

Mr Hammond added that “Pensana aims to get into production and build its customer base at a time when electric vehicle and wind turbine manufacturers are driving the increasing demand for NdPr  magnets for electric motors and Chinese rare earth processors are looking for  additional low?cost feedstock.”

Initial development studies will focus on the highest grade and quality portion of the  Mineral Resource estimate like zone mineralisation that consists of a thick blanket of soft,  friable NdPr mineralisation that occurs over an area of approximately 700 x 700 metres to typical depths of 20 metres. The high-grade weathered zone subset reportedly represents less than 10% of the total  Mineral Resource estimate and at a 0.65% NdPr lower cut off includes 22.9 million tonnes at  4.16%  REO  including  0.86% NdPr containing 953,000  tonnes REO including 197,000 tonnes of NdPr, told Pensana.

PM8 last traded at $0.019 with the market capitalisation of $23.03 million as at 14 March 2019. Over the past 12 months, the stock has witnessed a negative price change of 9.52% despite the massive surge of 26.67% in the past three months.


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