Rare earth specialist Pensana Plc has entered into a 25-year lease at Saltend Chemicals Park.
The agreement with PX Group and ABP for a nine hectare site comes as it gears up to introduce the magnet metal supply chain to the UK.
A £100 million complex engineering facility is being brought forward on the Humber freeport site, with the materials processed vital to support the high growth markets of electric vehicles and offshore wind turbines.
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.