UK company Pensana is working to build an independent and sustainable supply of magnet metal rare earths.
Seven years ago, the BBC reported from Inner Mongolia, China, on a “nightmarish lake” filled with a black toxic sludge driven by the demand for rare earth metals for use in wind turbines and electric vehicle (EV) motors.
Since then, the Chinese Government has made significant strides towards cleaning up the state-controlled industry, closing smaller mines and merging the country’s main producers to create the China Rare Earth Group, bringing approximately 30% of the world’s rare earths production under tighter regulatory control.
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.