Major shareholders behind rare earth specialist Pensana are investing a further £8 million in the company.
Long standing backers M&G Investment Management and the Angolan Sovereign Wealth Fund (FSDEA) will take their combined holdings in the company to 38.6 per cent with the latest equity injection.
Pensana is behind the delivery of a complex chemical engineering plant on the Humber Bank, which is set to form the start-point for a magnet metal supply chain serving electric vehicle and wind turbine manufacturers. It is also developing significant mining operations in Longonjo.