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Pensana Rare Earths says UK's first rare earths plant will be in Saltend
StockMarketWire.com
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Mining group Pensana Rare Earths said the Saltend Chemicals Park on the Humber estuary had been selected as the proposed site for the UK's first rare earth processing facility.
Saltend Chemicals Park, in the Humber Local Enterprise Partnership, involved a cluster of energy businesses including BP, Ineos, Nippon Gohsei and Air Products.
Pensana Rare Earths said it would work with engineering firm Wood Group to develop a processing facility that would become one of only two major producers outside China of rare earth oxides.
The minerals were used in the manufacture of powerful permanent magnets, critical to the offshore wind and electric vehicle industries.
Australia's Lynas was currently the world's largest non-China producer of magnet metal rare earth oxides from its facility in Malaysia.
Pensana Rare Earths was looking to commence development of the Longonjo mine in Angola in the first quarter of next year and bring it online as the first major rare earth mine in over a decade.
'Wood Group and the company are working closely with the px Group to finalise the scoping study of the proposed facility which is expected to highlight the international competitiveness of location particularly in relation to power, labour and reagents costs,' it said.
'Detailed discussions with local councils and experienced planning agents have confirmed that subject to a final investment decision and funding being available, the necessary planning permission for the proposed UK facility can potentially be obtained with sufficient time for it to be constructed contemporaneously with the Longonjo mine development.'
At 9:35am: (LON:PRE) share price was 0p at 78p
Story provided by StockMarketWire.com
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