Trading in the stock of Pensana Rare Earths Plc of Australia, which owns the rights to mine rare earths in the central Angolan municipality of Longonjo, has begun at the London Stock Exchange, the company says.
Pensana issued a written announcement saying its entire issued share capital is up for trading.
The Pensana prospectus says much of the company’s sales will be in China, where demand for rare earths is growing as the installed capacity of offshore wind farms is set to grow to 250 gigawatts by 2040.
The Chinese government is giving tax incentives for the import of rare earths, the prospectus says.
Angolan President João Lourenço has approved the Longonjo mine project and the Angolan sovereign wealth fund is backing it, the company announcement quotes Pensana Chairman Paul Atherly as saying.