UK-listed rare earths mining company Pensana has completed the Front-End Engineering Design (FEED) for its rare earths processing facility in Saltend, UK, and concentrator in Angola as part of efforts to meet rising demand from electric vehicle (EV) manufacturers.
The company said the processing facility at Saltend, the UK’s first for rare earths, would produce 12,500 tonnes of separated rare-earth oxide per annum, of which 4,500 tonnes per annum would be magnet metal rare earths neodymium and praseodymium (NdPr) oxides, equivalent to 5% of global demand.
Additionally, the CAPEX for the two facilities has been reduced from $525 million to $494 million, and Pensana said it expects to reduce costs further.
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.