Pensana Rare Earths Plc of Australia announced on Monday that it has agreed to begin negotiations on giving state-owned China Great Wall Industry Corp. the engineering, procurement and construction contract for a rare earths mine in the central Angolan municipality of Longonjo.

Pensana told the Australian Securities Exchange that it will seek financing for the work from commercial banks in China, to be insured by state-owned China Export and Credit Insurance Corp.

China Great Wall has a record of success in pursuing big projects in Angola, and in obtaining funds from China, the company announcement quotes Pensana Chairman Paul Atherly as saying.