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Pensana Rare Earths PLC - operator of rare earths project in Angola - Appoints Wood Group to undertake study into establishing an integrated rare earth processing facility in the UK with view to creating first sustainable magnet metal supply chain in the world. Says having progressed Longonjo project design to include mixed rare earth carbonate, company now has opportunity to explore potential for making a further step downstream and establishing rare earth oxide production facility in the UK.
Chair Paul Atherley: "The UK and the EU lead the world 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 Wood Group study will look at the first and most important step in creating a sustainable mine to magnet supply chain and that is establishing rare earth processing capability in the UK."
Current stock price: 93.00 pence; up 16% on Monday
Year-to-date change: started trading at 27.00p in July
By Anna Farley; annafarley@alliancenews.com
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