Pensana delighted UK Government has awarded Freeport status to Humber

Pensana Plc (LON:PRE) has noted that the Humber has been awarded Freeport status as announced by Chancellor Rishi Sunak on 3 March 2021 during the UK Government’s 2021 Budget.

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.

“Our Freeports will have: Simpler planning – to allow businesses to build;

Infrastructure funding – to improve transport links; Cheaper customs – with favourable tariffs, VAT or duties; and lower taxes – with tax breaks to encourage construction, private investment and job creation. An unprecedented economic boost across the United Kingdom” Chancellor Sunak said.

Each Freeport will consist of a broad range of facilities that benefit from Customs Zones or Tax sites as part of measures aimed at levelling up and generating jobs and investment. 

The Humber Container Terminal is the UK’s northern trade gateway and a range of major projects are underway in the region in support of the Green Economy. Projects include the Hydrogen-to-Humber project (H2H Saltend) led by Equinor; the Able Marine Energy Park (AMEP), a £500m Government-backed project supporting offshore renewable energy; and Zero Carbon Humber (ZCH), a consortium of blue-chip multinationals with a shared vision to transform the Humber region into the UK’s first net-zero carbon cluster by 2040.

Pensana’s Chairman, Paul Atherley said:

“We are delighted that the UK Government has awarded Freeport status to Humber. Chancellor Sunak has announced that Freeports will help the UK to ‘replace industries of the past with green, innovative, fast growing new businesses’ and Pensana exemplifies that pledge.

It supports our view that it is no longer acceptable for British and European companies to import the raw materials critical to the Green Economy from unsustainable sources.

We look forward to accounting for Freeport benefits in greater detail within the business plan the Company will announce imminently.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Pensana plc

More articles like this

Pensana plc

What are rare earth metals and what are they used for?

Until the late 20th century, rare earth metals were not familiar to many people outside the chemistry, geology and specialized engineering fields. But with the advent of modern technology, they have gained considerable visibility because of their specialized

Pensana plc

Pensana make significant progress over the period

Pensana plc (LON:PRE) has announced the interim results (unaudited) for the six months ended 31 December 2020. Highlights ·      Successful listing on main board of London Stock Exchange. ·      Ongoing support from the Angolan Sovereign Wealth Fund via the issue

Pensana plc

Rare earth facility in Hull clears UK Government fund hurdle

Pensana’s proposed rare earth processing facility at Saltend Chemicals Park has received first phase progression from the Government. If built, the plant will produce vital components for both the offshore wind and electric vehicle market. The UK electrified

Pensana plc

The importance REE’s as demand increases

Indispensable for production of cell phones, wind turbines and electric vehicles, rare earth elements (REEs) have rocketed in importance as demand for electronics and EVs continue to surge. In addition, rare earths play an essential role in national

Pensana plc

Pensana expands leadership team

Pensana Plc, based in London, UK, has appointed Rocky Smith as Chief Operating Officer and Roy Gordon as Metallurgical Manager, as the company works to establish a fully sustainable mine to magnet metal supply chain from the rare

Pensana plc

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