Pensana presented to the 18th International Rare Earths Conference in Las Vegas this week highlighting Saltend’s growing importance as an independent and sustainable supplier to the burgeoning European Electric Vehicle market.
Pensana’s Chief Commercial Officer William Izod, who has a background in the automotive industry, shared with the audience the feedback he has been getting from prospective customers.
The key takeaways are that the automotive OEMS, and the Electric Drive Unit OEMs which supply them, are looking upstream to secure magnet metal rare earth feedstock.
The feedstock, which as well as being competitively priced, needs to be transparent, resilient and with low embedded carbon.
By 2025 Europe will produce approximately 6.6 million EDUs for which there is currently a very limited supply of rare-earth permanent magnets.
China the world’s dominant producer of permanent magnets has stated that it will need all of this production for its US$11 trillion 2060 carbon neutral plan and feels under obligation to supply the rest of the world.
It is expected that Europe will follow the recent US directive to mandate supply chains for critical minerals such as rare earth permanent magnets.
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.
