Pensana Plc has announced that, following the recent £15 million premium equity raise which was strongly supported by the company’s major shareholders, early stage development has commenced on the establishment of its rare earth processing hub at the Saltend Chemicals Park in Humber, UK.
The Saltend plant would be the first major rare earth separation facility to be constructed in over a decade and the first to be located in a freeport. The final tax and customs regimes for the Humber Freeport (one of Europe’s busiest ports) are being finalised but are expected to take the form of an economic enterprise zone providing a combination of benefits, enabling the rapid development of the project and frictionless trade with European and international customers.
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.
Importantly, for many miners around the world who are looking to access the European and US supply chains, it is becoming increasingly clear that the planned EU and UK carbon border taxation will mean that it is no longer acceptable for manufacturers to source material extracted or processed unsustainably.
Paul Atherley, Chairman of Pensana, comments:
“Demands for more secure and responsible supply chains, higher prices on carbon, and policies such as the border carbon adjustments are setting the stage for greater transparency and traceability in minerals and metals – enablers of the global energy transition.
“The Humber is already the UK’s busiest port complex the freeport status with its customs and tax incentives aimed at levelling up provides the opportunity to establish the world’s first rare earth processing hub within an economic enterprise zone, with the benefits of frictionless trade with Europe and the rest of the world.
“We continue to work closely with our application for funding from the Automotive Transformation Fund, a long-term programme designed to enable the UK to build the world’s most comprehensive and compelling electrified vehicle supply chain, supporting over 160 000 jobs.”
Read the article online at: https://www.globalminingreview.com/mining/07072021/pensana-to-develop-the-worlds-first-freeport-rare-earth-processing-hub/