1 November
2021
Pensana Plc
("Pensana" or
the "Company")
Publication of Annual Report 2021 and
Notice of Meeting
Pensana is pleased to advise that the Annual Report for the year
ended 30 June 2021 has been published
on the Company’s website www.pensana.co.uk
The Notice of Annual General Meeting and Forms of Proxy will be
published on the Company’s website and will be posted to
shareholders on or about 16 November
2021.
A copy of the Annual Report will also shortly be available on
the National Storage Mechanism under the following link
- https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further
information: |
|
Pensana
Plc |
|
Website:
Paul Atherley, Chairman / Tim George, CEO |
www.pensana.co.uk
contact@pensana.co.uk |
About Pensana
The electrification of motive power is the most important part
of the energy transition and one of the biggest energy transitions
in history. Magnet metals are central to the transition and
critical to high value manufacturing applications such as electric
vehicles and offshore wind turbines.
Pensana plans to establish Saltend as an independent,
sustainable supplier of the key magnet metal oxides to a market
which is currently dominated by China. The US$125
million Saltend facility is being designed to produce circa
12,500 tonnes per annum of rare earth oxides, of which 4,500 tonnes
will be neodymium and praseodymium (NdPr), representing around 5%
of the world market in 2025.
The Saltend facility is located within the world class Saltend
Chemicals Park, a cluster of leading chemicals and renewable energy
businesses at the heart of the UK's energy estuary, and host to a
range of companies including BP Petrochemicals technology, INEOS,
Air Products, Triton Power, Nippon Gohsei and Tricoya.
Pensana's plug and play facility will create over 500 jobs
during construction and over 100 direct jobs once in production. It
will be the first major separation facility to be established in
over a decade and will become one of only three major producers
located outside China.
Initial feedstock will be shipped as a clean, high purity mixed
rare earth sulphate (MRES) from the Company's Longonjo low impact
mine in Angola. The open-cast
mine, state-of-the-art concentrator and proprietary MRES processing
plant are being designed by Wood to the highest international
standards. They will be powered by minimal carbon hydro-electric
power and connected to the Port of Lobito by the recently upgraded
Benguela railway line.
Pensana is of the view that provenance of critical rare earth
materials supply, life cycle analysis and GHG Scope 1, 2 and 3
emissions will all become significant factors in supply chains for
major customers. The Company intends to offer customers an
independently and sustainably sourced supply of the metal oxides
and carbonates of increasing importance to a range of applications
central to the energy transition, industrial, medical, military and
communications sectors.
For many miners around the world who are looking to access the
European and US supply chains, it is becoming increasingly clear
that the proposed EU and possible UK carbon border taxation would
mean that it is no longer acceptable for manufacturers to source
material extracted or processed unsustainably.
Pensana is aiming to establish Saltend as an attractive
alternative to mining houses who may otherwise be limited to
selling their products to China,
having designed the facility to be easily adapted to cater for a
range of rare earth feedstocks.