Rare earths junior Pensana (LON: PRE) has broken ground at its Saltend rare earth processing hub in northern England, set to be the country’s first major facility of its kind in more than a decade.
The project is part of the launch of the country’s first critical minerals strategy, unveiled today, to weaken China’s dominance on the group of 17 minerals used in electric vehicles, wind turbines, and military equipment.
“Critical minerals will become even more important as we seek to bolster our energy security and domestic industrial resilience – in light of Russia’s illegal invasion of Ukraine – and as we move away from volatile, expensive fossil fuels,” Kwasi Kwarteng, UK secretary of state for business said in a government statement.
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.