Preparation works have begun at the Saltend Chemicals Park, Hull, to develop a £90m rare earth processing hub.
Pensana, Wood and pxGroup are on site, conducting geotechnical drilling and trenching for the foundations of the hub, ahead of main construction subject to the finalisation of project financing later in the year.
This key milestone marks the start of building the world’s first sustainable rare earth separation facility with a target production of around 12,500 annualised tonnes of rare earth oxides, including 4,500 tonnes of magnet metal rare earth oxides which would represent approximately 5% of 2025 projected world demand.
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.