Ground Breaking for the world’s first rare earth processing hub. UK to become world leader in critical magnet metal rare earth production at a time of burgeoning demand from automotive and wind turbine OEMs
Preparations are well under way for next week’s Ground Breaking ceremony at Saltend. Over 300 people have been invited with representatives from Government, local councillors, local industry and many of the organisations that have assisted Pensana in reaching this important milestone expected to attend.
The US$195 million plant will employ over 450 people during the 12 month main construction phase and will create 125 long term, high value jobs. Commencing in 2024 Saltend will produce 12,500 tonnes of separated rare earths including 4,500 tonnes of the critically important magnet metal rare earths representing over 5% of world supply.
Located in the fully serviced Saltend Chemicals Park and part of the Humber Freeport the Saltend will be able to import high value rare earths from Pensana’s own mine in Africa as well as from third party sources from around the world.
Pensana is receiving strong interest from automotive and wind turbine OEMs who at a time of burgeoning demand for magnet metal rare earths are looking to secure a transparent, sustainable and independent supply.
Pensana secures conditional loan for Longonjo Rare Earth project
23rd January 2025
Pensana Plc (LON:PRE) secures financing for Longonjo rare earth project with Absa Bank approval. Chairman Atherley expresses gratitude for this milestone.