Pensana plc (LON:PRE) has announced that Chairman Paul Atherley met recently with Nusrat Ghani, Minister of State at the Department for Business and Trade and Cabinet Office, to discuss the potential UK and US Government support for the Saltend project.
The meeting highlighted that the successful development of the US$250 million Saltend project would be an important step in supporting the UK automotive supply chain, which employs over 780,000 people, as it transitions to electric vehicles (EVs).
By 2030 the UK is expected to have transitioned from being a major European producer of internal combustion engines to be a world leader in the manufacture of electric drive units (EDUs), producing three million EDUs annually, with a large proportion destined for export. Without a secure magnet metal supply chain this is under threat.
Pensana is establishing an independent, sustainable rare earth supply chain with mid-stream processing to produce magnet metal in the UK.
