London-listed Pensana’s plans to develop a £150-million rare earths refinery at the Saltend Chemicals Park, in the UK, have been approved by the East Riding of Yorkshire Council (ERYC).
Pensana seeks to create a magnet metals supply chain in the UK, especially considering that 90% of the world’s magnets are produced in China.
Electric cars need about 1 kg of magnet, while a 260 m wind turbine can use up to 7 t.
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.