Pensana plc (LON:PRE), pxGroup and Wood Plc have been on site carrying out site surveys and ground clearance activities in preparation for the establishment of the world’s first sustainable rare earth processing hub.
Located within the Humber Freeport in the UK, the $125 million facility will create over 100 direct jobs and supply over 5% of the world’s magnet metal oxides for the electric vehicles (EVs) and offshore wind turbines industries.
The facility will become the first major producer of magnet metal rare earths outside China to be established in over a decade at a time when China supplies 98% of Europe’s critical rare earth elements.
Initially supplied from its state of the art mine in Angola, the company is looking to import sustainably sourced feedstock from around the world with a view to expanding production to meet expected demand from supply chains in Europe and beyond for non-Chinese sourced material.
Pensana’s Chairman, Paul Atherley, commented:
“We are witnessing the beginnings of a project which will become a platform for the establishment of an independent, sustainable magnet metal supply chain in the UK.
Saltend’s importance to UK Net Zero ambitions was highlighted recently by the visit from Anne-Marie Trevelyan, Minister for Business, Energy and Clean Growth.
Saltend houses many exciting and innovative British industrial multinationals. We look forward to joining them, bringing back high value manufacturing jobs back to the UK and to playing our part at the heart of the decarbonisation activities, supporting the Green Economy.”