Humber receives Freeport status

The Humber is one of eight Freeports announced in The Budget and houses the world-class Saltend Chemicals Park, managed by the pxGroup, where Pensana proposes to build its magnet metals separation facility.

The US$125 million facility, which will generate 100 jobs in operation, underpins the Company’s commitment to establishing the UK’s first rare earth processing facility with a view to creating the world’s first fully sustainable magnet metal supply chain; crucial components for the manufacturing of permanent magnets used in a range of advanced applications including electric vehicles and offshore wind turbines.

The Humber is the UK’s busiest port complex and uniquely placed to generate approximately 7,000 jobs, delivering on the Government’s twin ambitions to ‘level up’ the regions and decarbonise the economy. Under the bid led by Associated British Ports (ABP), the Freeport encompasses the ports of Hull, Immingham, Goole and major manufacturing sites.

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.

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