The development work follows Pensana raising £15 million (US$20.7 million) in premium equity via a share placing, which the company said was strongly supported by its major shareholders.
The rare earth processing hub will be located in the Saltend Chemicals Park in Humber, a 150ha site owned and operated by px Group that has a cluster of chemicals and renewable energy companies. The companies at Saltend can share an established infrastructure as well as services, feedstocks and utilities, which helps to drive down their costs and increase efficiency and profitability. Pensana chose the site in December 2020 as the location for its processing hub.
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.