On Saturday the 15th the UK Daily Telegraph reported that Pensana’s Saltend Chemical processing facility will be at the vanguard of efforts to break the UK’s dependence on Beijing for supplies of rare earths.
China produces more than 98% of the worlds magnets and is preparing to tighten its grip on the market by combining three of its huge state enterprises to form China Rare Earth Group that will control 70% of China’s output.
Following recent comments by MP Alexander Stafford that “China’s dominance of rare earth metals has left Britain strategically vulnerable”, politicians in America and Europe are supporting efforts to diversify supply chains.
Pensana will directly benefit from supportive UK Government policies by building the facility within the Humber Freeport.
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.”