Stock market-listed Pensana announced that its development of the Saltend rare earth separation facility in the Humber Freeport had received from major European and US electric vehicle and wind turbine OEMS to secure magnet metal supply chain.
Rare earth is a crucial component in the production of both electric vehicles and off shore wind farms. Currently rare earth is chiefly processed in China but Pensana began work last summer to develop a facility here in the UK.
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.