A Yorkshire based company is to build a £125 million rare earth metals plant as Britain seeks to break China’s dominance over rare earth metals production.
Pensana is due to start building a rare earth metals processing plant at the Port of Hull this summer with the aim of seeing it up and running by 2023. Rare earth metals are used in high-tech goods such as smartphones and low carbon technologies including wind turbines and electric cars, though countries in the West depend on China for 90 percent of supplies.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.