Pensana Plc has announced that, following the recent £15 million premium equity raise which was strongly supported by the company’s major shareholders, early stage development has commenced on the establishment of its rare earth processing hub at the Saltend Chemicals Park in Humber, UK.
The Saltend plant would be the first major rare earth separation facility to be constructed in over a decade and the first to be located in a freeport. The final tax and customs regimes for the Humber Freeport (one of Europe’s busiest ports) are being finalised but are expected to take the form of an economic enterprise zone providing a combination of benefits, enabling the rapid development of the project and frictionless trade with European and international customers.
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.