The World has Changed. “If this is going to enhance the robustness of our country it must be supported.”
Yorkshire Post Newsroom announced on 26 May 2022, that Pensana’s plans for a £150m rare earth refinery at Saltend Chemicals Park near Hull, which aims to chip away at the UK’s reliance on critical mineral imports from China, have been approved by East Riding Council.
Developer Pensana seeks to refine rare earths, which are utilised in the creation of magnets in wind turbines and electric vehicles, on a site across the road from Saltend Chemicals Work to the east of Hull.
A representative from Pensana told councillors that currently 90 percent of the world’s magnets were produced in China, and their near monopoly meant they could dictate prices and limit exports.
Electric cars need roughly a kilogram of magnet, while a 260m wind turbine can use some seven tonnes.
Counsellor John Whittle said the world had changed since the application was put in, adding: “If this is going to enhance the robustness of our country it must be supported.”
Business secretary Kwasi Kwarteng announced on Sunday that £4m of taxpayers’ money from the £1bn Automotive Transformation Fund would be granted to the project. It was reported that this should help unlock the private investment needed to fund the plant, which could create 125 jobs.
A BEIS spokesperson said: “We are investing heavily to ensure the UK remains one of the best locations in the world for automotive manufacturing. Through our £850m Automotive Transformation Fund, we are dedicated to securing a globally competitive automotive sector in Yorkshire and across the UK.
Developing secure supply chains in critical minerals and battery components is central to this.”
Paul Atherley, Chairman added “We are delighted that the strategic importance of Pensana’s Saltend facility has been recognised by the East Riding Council and that the planning application for a larger site within the Saltend Chemical Park, has been approved. The larger site will allow for the expansion into further downstream production as part of our creation of a world-class independent and sustainable supply of rare earth metals vital for electric vehicles, offshore wind and other strategic industries.”
