TIDMPRE
RNS Number : 6782H
Pensana Rare Earths PLC
07 December 2020
7 December 2020
Saltend Chemicals Park Humber selected as proposed site for
sustainable rare earth processing facility
Pensana Rare Earths Plc (LSE:PRE, ASX:PM8) ("Pensana" or "the
Company") announces that Saltend Chemicals Park in the Humber Local
Enterprise Partnership has been selected as the proposed site to
build the UK's first rare earth processing facility with a view to
helping create the world's first fully sustainable magnet metal
supply chain.
Working with Wood Group, the UK engineering consultants, the
processing facility would become one of only two major producers
outside China of rare earth oxides used in the manufacture of
powerful permanent magnets, critical to the offshore wind and
electric vehicle industries. Lynas Corporation of Australia is
currently the world's largest non-China producer of magnet metal
rare earth oxides from its facility in Malaysia.
Gerry Grimstone, UK Minister for Investment said: "We very much
welcome the proposal to establish a fully sustainable rare earth
oxide magnet metal processing facility in the Humber region. This
facility is an important step in the establishment of a permanent
magnet supply chain in the UK which could support a range of
industries important to building back greener and our Net Zero
ambitions."
The Saltend Chemicals Park is a cluster of world class chemicals
and renewable energy businesses including BP Petrochemicals, Ineos,
Nippon Gohsei and Air Products, strategically located on the Humber
estuary, a gateway to Europe and the UK's busiest ports
complex.
The 370 acre site, which is managed by the px Group, has had
GBP500 million of investment over recent years. The px Group
provides a range of services including power, water, reagents,
waste disposal, centralised control and administration which will
allow the Company to focus on the operational aspects of the
facility.
Chairman Paul Atherley commented:
"The Saltend Chemicals Park offers an exceptional range of
services allowing us to plug into power, water, reagent supplies
and services and to recruit a highly skilled local workforce at
internationally competitive rates.
It is very clear that it is no longer acceptable for British and
European companies to import the raw materials critical to the
Green economy from unsustainable sources.
The Saltend facility has the potential to become a world class
producer of rare earth oxides and to help establish a sustainable
supply chain for the manufacture of powerful permanent magnets
critical for the offshore wind and electric vehicle industries in
the UK and Europe."
The Company is 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.
By importing mixed rare earth sulphates from Longonjo, which is
being established to international standards as one of the world's
most sustainable rare earth mines, and processing them into
separated magnet metal oxides in the UK, for the first time
customers can purchase these critical raw materials with confidence
that they have been sourced and processed sustainably.
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.
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.
The Company notes the various initiatives surrounding the
Northern Powerhouse and the broader commitment to attract
investment in high value manufacturing in the UK which will support
the green economy.
In this light the Company welcomes the approval by the
Government for Less Common Metals Limited to carry out a
feasibility study into a fully integrated supply chain for rare
earth permanent magnet production in the UK and looks forward to
providing whatever support is required in assisting a favourable
outcome for this important study.
The Company has commenced discussion with the Department for
International Trade regarding the establishment of a sustainable
permanent magnet supply chain in the UK and is working with the
various initiatives supporting the electric vehicle industry and
the offshore wind industry in the UK.
British utility SSE and Equinor have recently announced a GBP6
billion financing, the world's largest offshore wind financing to
date, to fund the development of the Dogger Bank offshore wind
power farm located 130 kilometres (80 miles) off the Yorkshire
coast.
Dogger Bank will become the world's largest offshore wind farm
and has the capacity to generate enough renewable electricity to
power 4.5 million homes, or 5% of the UK's total electricity
supply. It will be powered by an array of 260 metre high Haliades X
13MW turbines, each requiring over seven tonnes of permanent
magnets.
The UK and the EU are world leaders in the Offshore Wind and EV
industries, both of which are dependent on permanent magnets. Both
have recognized that the green recovery requires critical raw
materials and that a sustainable magnet metal supply chain is
needed to support the green economy.
The Company has joined a range of industry bodies including the
Critical Minerals Association, the Rare Earth Industry Association.
Thierry Breton, the EU's internal market commissioner, recently
announced the establishment of a European Raw Materials Alliance
recognizing that the EU needs to establish sustainable supply and
processing capacity of rare earths.
Authorised by the Board of Pensana Rare
Earths Plc
For further information:
Pensana Rare Earths Plc
Website: www.pensana.co.uk
Paul Atherley Chairman / Tim George CEO contact@pensana.co.uk
Buchanan (UK Financial PR) +44 (0) 207 466 5000
Bobby Morse/ Augustine Chipungu /James Husband pensana@buchanan.uk.com
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