Magnet metals and rare earths miner Pensana has completed the front-end engineering design (FEED) for its UK-based Saltend rare earths production facility and its Angola-based Longonjo mine, reducing the capital expenditure (capex) costs of the projects and improving the operating profitability of both.
A comprehensive value engineering and enhancement programme is well advanced and is expected to be reported in April, which is intended to result in a further reduction in the capital costs.
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.