Pensana PLC - miner of rare earth metals for electric vehicles and wind turbines - Breaks ground at rare earth processing hub at the Saltend Chemicals Park in the Humber Freeport, Yorkshire. Currently on site with Wood and pxGroup conducting geotechnical drilling and trenching for the hub's foundations ahead of main construction. Says construction subject the finalisation of project financing later in 2021.
Says the USD125 million project would be the first major rare earth separation facility to be constructed in over a decade. Targets production of around 12,500 tonnes of rare earth oxides per year. Says target output includes 4,500 tonnes of magnet metal rare earth oxides, representing around 5% of projected world demand by 2025.
Chair Paul Atherley says: "It has been a little over nine months since the team set foot on the Saltend Chemicals Park and since then rapid progress has been made with site selection, process route development, facility design, planning permission and the commencement of site preparation. [Front-end engineering and design] is well advanced and expected to be completed in late October with the site preparation complete the following month."
Current stock price: 95.00 pence, up 1.1% on Tuesday afternoon
Year-to-date change: down 14%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Pensana Plc (PRE)