 confirmed that it is in the early stages of developing a rare earth processing hub at the Saltend Chemicals Park in Humber.){kind=link}
Pensana’s announcement follows a recent £15m premium equity raise
Pensana (LON:PRE) confirmed on Monday that it is in the early stages of developing a rare earth processing hub at the Saltend Chemicals Park in Humber.
The announcement follows a recent £15m premium equity raise which received a strong show of support from the company’s shareholders.
The Saltend plant will be the first major rare earth separation facility to be built in over ten years and the first to be located in a freeport.
Pensana’s aim to to establish Saltend is a viable alternative to mining houses which are only able to sell their products to China, having designed the facility to be adaptable to a range of rare earth feedstocks.
“Importantly, for many miners around the world who are looking to access the European and US supply chains, it is becoming increasingly clear that the planned EU and UK carbon border taxation will mean that it is no longer acceptable for manufacturers to source material extracted or processed unsustainably,” the company said in a statement.
Pensana is advancing the front end engineering designs (FEED) for the Saltend and Longonjo projects towards completion in October.
Ongoing continuous process pilot plant runs to confirm equipment selection, sizing and specifications will continue through to September reflecting the importance placed on confirmation of scalability of design.
Paul Atherley, Chairman of Pensana, commented:
“Demands for more secure and responsible supply chains, higher prices on carbon, and policies such as the border carbon adjustments are setting the stage for greater transparency and traceability in minerals and metals – enablers of the global energy transition,” said Atherley.
“The Humber is already the UK’s busiest port complex the freeport status with its customs and tax incentives aimed at levelling up provides the opportunity to establish the world’s first rare earth processing hub within an economic enterprise zone, with the benefits of frictionless trade with Europe and the rest of the world.”