For any peeps following REE possibles...............PM8 drop a milestone ann this morning.
Pensana Rare Earths Plc (ASX: PM8) is pleased to announce that it has received approval for the exploitation of the Longonjo Rare Earths Project in Angola.
The Mining Title is a major milestone for us in the rapid development of the Longonjo project and we are absolutely delighted to have reached it so quickly
The exclusive mining rights have been granted over a 21 km2 area, adjacent to the town of Longonjo in central Angola, which is well served by established transport and energy infrastructure.
President Lourenço has approved the Company’s subsidiary Ozango Minerals S.A. Mining Title, renewable up to 35-years,for the mining of rare earths at the Longonjo project located near Huambo.
The key fiscal terms under the Mining Investment Contract are:
2% royalty on revenue; 20% national tax and 5% municipal tax on revenue following an initial two-year tax holiday; Custom duties exemption on imported equipment; Full 5 year capital repayment allowance; Dividend tax exemption for 3 years.
The Angolan Presidential approval of the Longonjo Mining Investment Contract reflects the Government’s strong support for foreign investments which help diversify the economy and bring direct social and economic benefits to the communities in which they operate.
Pensana’s investment will be one of the largest investments in regional Angola in recent years and will create jobs, provide training, support local businesses as well as improving the social infrastructure within the Huambo region.
Pensana Rare Earths Plc is backed by Fidelity from the UK and the Angolan Sovereign Wealth Fund and is set to develop the world’s first major rare earth mine in over a decade.
