One of the UK’s largest fund managers has upped its stake in Humber Bank-investing rare earth specialist Pensana.
More than £3 million has been pumped into the company by M&G Investment Management, as it increased its shareholding to 7.7 per cent. It comes a year after its initial 5 per cent purchase in a £10 million equity buy-in to the company.
Pensana is building a £150 million complex chemical separation plant at Saltend, as well as mining operations in Angola.
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.
