TIDMPRE
Pensana PLC
05 October 2021
05 October 2021
Pensana Plc
("Pensana" or "the Company")
European Raw Materials Alliance launches rare earths call to
action
Pensana Plc notes a recent publication by the European Raw
Materials Alliance, of which the Company is a founding member,
which calls for governments and manufacturers to support Europe's
rare earth industry.
The report, titled Rare Earth Magnets and Motors: A European
Call for Action, has identified 14 projects in the EU that will
require about $2 billion of total investment.
The report includes a 12-point Action Plan which ERMA summarises
in four key recommendations:
-- European policymakers will need to create a level playing
field given that EU production costs are intrinsically higher than
Chinese production costs which benefit from direct and indirect
state subsidies.
-- European original equipment providers who require rare earths
will need to consider potential commitments to buying a significant
percentage share of materials from European producers.
-- The EU will need to ensure that end-of-life products
containing harvestable rare earths stay in Europe to facilitate
reprocessing and recycling.
-- Match funding presents a unique opportunity to trigger large
private investments in the emerging European rare earths value
chain. The EU and its Member States should pull all financial
levers, including state aid, such as designating a dedicated
Important Project of Common European Interest (IPCEI).
Concurrently in Australia, Prime Minister Scott Morrison
announced a A$2 billion loan facility for Australian critical
minerals projects, explaining that global demand for critical
minerals is expected to grow exponentially over the coming
decades.
In the United States, the Biden administration has acknowledged
that 10X more rare earths are needed to meet its Electric Vehicle
goals and has tasked the Department of Defense to investigate US
rare earth supply chains.
Three years ago, Pensana recognised this looming problem and set
about establishing the world's first fully sustainable and
independent magnet metal supply chain in the UK.
"The EU has committed to the goal of becoming climate neutral by
2050. The raw materials needs to facilitate this energy transition
are massive, and Europe urgently needs to secure their supply. This
Action Plan outlines the steps we must take to ensure that the rare
earth elements upon which the EU Green Deal relies remain available
for European industry and society", said Bernd Schäfer, CEO of EIT
RawMaterials which manages ERMA.
The ERMA report can be accessed in full here:
https://erma.eu/european-call-for-action/
For further information:
Pensana Plc
Website: www.pensana .co.uk
Paul Atherley, Chairman / Tim George, CEO 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.
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