Just as you are trying to join the dots, Pensana has added more dots to the picture - more future profits.
There is no significant capex "missing" related to Pensana's Angola-based business to produce highly-concentrated mixed rare earth carbonate (MREC) and ship it to China, Japan, Korea and Europe.
The final capex figure for the Angola business will be in the upcoming BFS. Paul Atherley has said in interviews he expects Capex to be about US$200 million.
Pensana will be one of the lowest operating cost rare earth mines outside China for many years.
This is because Pensana's rare earth resource is essentially a hill full of the stuff from surface,
and the top 10 years worth or more is mainly free-dig weathered material,
which is also more easily concentrated.
Secondly it is located about 5 km from a recently upgraded railway line,
which will take the product the 300 km or so to an international standard Atlantic seaport at Lobito,
for shipment anywhere in the world.
My comment about additional capex is related to Pensana's proposed second line of business
for a rare earth oxide separation facility in the UK, which is now being studied by the Wood Group consultants,
and will be a separate future proposal to the Angola related BFS.
As others have commented, the UK-based rare earth separation proposal may become a joint venture with the UK government.
The Angolan Sovereign Wealth Fund has already invested millions of dollars to have a 23% stake in the current Pensana Angola-based rare earth mining and concentrate business.
My understanding is that the ASWF has acculumated funds from past oil and gas royalties revenues.
