- Pensana Rare Earths (PM8) has selected the Saltend Chemicals Park in Humber as the proposed site to build the U.K.’s first rare earth processing facility
- The company is aiming to establish the world’s first fully sustainable magnet metal supply chain, from mining right through to production
- It’s expected Pensana’s Angolan Longonjo Mine will come online early next year, and the Saltend facility could meet a similar timeline
- With offshore wind turbines and EV producers providing ever-growing need for rare earths, Pensana is at the vanguard of potential sustainable suppliers
- Pensana Rare Earths is up 1.65 per cent to trade at $1.23
Pensana Rare Earths (PM8) has selected the Saltend Chemicals Park in Humber as the proposed site to build the U.K.’s first rare earth processing facility.
Pensana is aiming to establish the world’s first fully sustainable magnet metal supply chain, from mining right through to production.
The facility would be only the second major producer of rare earth oxides outside China — potentially leading the charge to supply the emerging European electric vehicle (EV), renewable energy and battery storage industries.
Sustainability is incredibly important to the sector, as any EV manufacturer has to prove its green credentials across the supply chain.
The company is planning to bring its Longonjo Mine in Angola online early next year, which would feed the proposed U.K. facility with sustainably-sourced rare earth oxides.
The Humber plant would then convert the feedstock into separated magnet metal oxides, with a guarantee of the end products’ sustainable credentials from mining to manufacture.
Pensana Chairman Paul Atherley says the Saltend site will give the company a fantastic opportunity to enter the E.U. market.
“The Saltend Chemicals Park offers an exceptional range of services allowing us to plug into power, water, reagent supplies and services and to recruit a highly-skilled local workforce at internationally competitive rates,” Paul said.
“It is very clear that it is no longer acceptable for British and European companies to import the raw materials critical to the Green economy from unsustainable sources.”Pensana Chairman Paul Atherley
“The Saltend facility has the potential to become a world class producer of rare earth oxides and to help establish a sustainable supply chain for the manufacture of powerful permanent magnets critical for the offshore wind and electric vehicle industries in the U.K. and Europe,” he added.
Pensana has already had detailed discussions with local councils and planning agents to confirm the viability of the proposed facility, as well as a potential timeline for construction.
The talks have confirmed the facility could come online on a similar schedule to the Longonjo Mine, meaning Pensana would potentially have its supply chain in place all at once.
The company also has other discussions in the works with U.K. and EU authorities regarding the establishment of a sustainable permanent magnet supply chain to meet burgeoning demand.
With offshore wind turbines and EV producers providing ever-growing need for rare earths, Pensana is at the vanguard of potential sustainable suppliers.
U.K. Minister for Investment Gerry Grimstone says the Pensana project is a welcome development in the nation’s drive towards green technologies.
“We very much welcome the proposal to establish a fully sustainable rare earth oxide magnet metal processing facility in the Humber region,” the Minister said.
“This facility is an important step in the establishment of a permanent magnet supply chain in the U.K. which could support a range of industries important to building back greener and our Net Zero ambitions,” he concluded.
Pensana Rare Earths is up 1.65 per cent to trade at $1.23 at 1:05 pm AEDT.