London-listed Pensana has been offered a grant of up to £4-million by the UK Secretary of State for Business and Trade towards the funding required to build a rare earth oxide separation facility in the Humber Freeport at Saltend, in England.
The offer of grant, made under Section 7 of the Industrial Development Act, follows an application submitted by Pensana to the Automotive Transformation Fund, and is subject to terms set out in a grant funding agreement and conditional upon Pensana providing clearance from the relevant authority monitoring State subsidies and a funding, activities and deliverables plan, which are expected to be provided in the coming weeks.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.
