Pensana is constructing a minerals processing plant at the Port of Hull that it aims to have operational by next year.
Rare earth metals are among the most sought-after substances on the planet, powering everything from smartphones to electric cars and wind turbines. Yet few people can name them, let alone explain what they are used for.
Paul Atherley, Pensana’s Chairman, commented:
“The Saltend project is aiming to be a multi-billion dollar, world-class producer of these rare metals which are critical to the EV and offshore wind industries. It is incredibly exciting to be tapping into the world-class chemical engineering DNA that exists in the Humber region and bringing back high-value manufacturing to the UK.”
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.