Global investment banking powerhouse ABG Sundal Collier is backing Pensana’s rare earth separation plant at Saltend, providing 60 per cent of the anticipated build cost.
A bond worth around $150 million (£123.5 million) is to be placed by the Norwegian financial giant with its institutional investor clients. It is a huge stride forward for the magnet metal production complex, a forerunner in the Humber Freeport development. The company is also in early discussions with the UK Infrastructure Bank and other potential equity partners for the balance of the funding, around $100 million (£82.4m). As reported, a government grant of £4 million has been received.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.
