The UK is set to host a new US$195m rare earth processing hub that Pensana is building at the Saltend chemicals park on Humberside. It will become one of only three such facilities operating outside of China and comes as the UK has launched a new strategy to shore up supplies of the critical materials needed for the energy transition.
The facility is set to begin operations in 2023, and when it reaches full capacity in 2024 will produce 12,500 t/y of separated rare earths including around 5,000 tonnes of neodymium and praseodymium oxides. These are essential components of the magnets used in electric vehicle motors and wind turbine generators.
Pensana Chairman Paul Atherley said: “Our Saltend rare earth processing hub will be the world’s first independent and sustainable rare earth separation plant, with plans to produce 5% of the global magnet metals in 2024. This will play a vital role in transforming the UK’s EV and offshore wind industries, as well as creating high value local jobs in the Humber region.”
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.
