Pensana Rare Earths Plc has announced that it has submitted a planning application to establish rare earth processing facility at Saltend Chemicals Park, Yorkshire.

Once constructed and in operation, the US$125m facility will create around 100 direct jobs and become one of the world’s largest producers of rare earth oxides, crucial components in the manufacture of powerful permanent magnets which are used in a range of growing advanced industries including electric vehicles and offshore wind turbines.

The 370-acre site will be located on the Humber estuary, which is a gateway to Europe and the UK’s busiest ports complex.

Commenting on the news Pensana’s Chairman, Paul Atherley, said: “We have been delighted with the enthusiastic support from a broad range of stakeholders for this proposed investment, which will create high value manufacturing jobs in the Humber region and will be an important step in establishing the world’s first sustainable mine to magnet metal supply chain in the UK.

“The plug and play services provided by the px Group at the world-class Saltend Chemicals Park have substantially reduced the capital cost of the proposed facility, allowing us to focus on the operational aspects of the investment and providing scope for our longer-term ambitions.

“We look forward to working with local stakeholders on establishing the approvals for this investment in high value manufacturing in the UK,” he added.

Pensana Rare Earths Plc shares (LON: PRE) are trading +9.04% at 102,50 (1026GMT).