30 May 2022
30 May 2022
("Pensana" or the "Company")
Planning Approval for larger Saltend Chemical Park site in the
Pensana is pleased to announce that its planning application for
a larger rare earth refinery site at Saltend Chemicals Park near
Hull, has been approved by East Riding Council.
The Company's GBP150m Saltend project will have significant
local and national benefits: it will create 450 jobs during
construction and 125 high-value full-time jobs thereafter, while
playing an important part in reducing the UK's reliance on critical
mineral imports from China.
The Company's Chief Commercial Officer, William Izod, told East
Riding councillors that 90% of the world's magnets are currently
produced in China, and their near monopoly could result in them
dictating prices and limiting exports.
Electric cars need roughly one kilogram of magnet, whilst a 260
metre wind turbine can use seven tonnes.
The planning approval was also reported by the Yorkshire Post,
with Counsellor John Whittle quoted on the project, stating that
"If this is going to enhance the robustness of our country it must
In addition, The Sunday Times recently reported that GBP4m of
taxpayers' money from the Automotive Transformation Fund would be
granted to the project by Business Secretary Kwasi Kwarteng. This
should help unlock the private investment needed to fund the plant,
which could create 125 jobs.
A BEIS spokesperson told the Yorkshire Post: "We are investing
heavily to ensure the UK remains one of the best locations in the
world for automotive manufacturing. Through our GBP850m Automotive
Transformation Fund, we are dedicated to securing a globally
competitive automotive sector in Yorkshire and across the UK.
Developing secure supply chains in critical minerals and battery
components is central to this."
Paul Atherley, Chairman, added: "We are delighted that the
strategic importance of Pensana's Saltend facility has been
recognised by East Riding Council, and that the planning
application for a larger site has been approved. This will bring
high-value jobs to the local area and allow us to expand further
into downstream production, as part of our plans to create a
world-class, independent, and sustainable supply of rare earth
metals for electric vehicles, offshore wind and other strategic
For further information, please contact:
Paul Atherley, Chairman IR@pensana.co.uk
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer
Virginia Skroski, Head of Investor Relations &
Finsbury Glover Herring:
Gordon Simpson / Richard Crowley Pensana-LON@finsbury.com
About Pensana Plc
The electrification of motive power is by far the most important
part of the energy transition and one of the biggest energy
transitions in history. Magnet metal rare earths are central to the
transition away from internal combustion engines and critical to
electric vehicles and offshore wind turbines.
Pensana plans to establish Saltend as an independent and
sustainable processing hub supplying the key magnet metal oxides to
a market which is currently dominated by China. The US$195 million
Saltend facility is being designed to produce 12,500 tonnes per
annum of rare earth oxides, of which 4,500 - 5,000 tonnes will be
neodymium and praseodymium (NdPr), representing over 5% of the
world market in 2025.
Pensana's plug and play facility is located within the world
class Saltend Chemicals Park, a cluster of leading chemicals and
renewable energy businesses in the Humber Freeport and will create
over 500 jobs during construction and over 125 direct jobs once in
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.
Pensana is aiming to establish Saltend as an attractive
alternative for mining companies 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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(END) Dow Jones Newswires
May 30, 2022 05:28 ET (09:28 GMT)
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