Saltend rare earth magnets factory gets go-ahead

Plans for a £150m factory near Hull which will make materials for magnets used in electric cars and wind turbines have been approved despite objections.

The plant, which will process rare earth materials, will be built next to the existing Saltend Chemical Park.

More than 30 objections to the factory were received, including concerns over environmental risks, traffic and the plant’s proximity to homes and roads.

Pensana said it would create 125 jobs as well as 450 construction jobs.

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.

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