LSE-listed magnet metal supply chain developer Pensana has joined the United Nations (UN) Global Compact – a voluntary initiative to encourage CEOs to implement universal sustainable principles and to take steps to support the UN’s Sustainable Development Goals.
As such, Pensana joins over 13 000 other businesses committing to uphold the compact’s ten principles, which cover human rights, labour, environment and anti-corruption.
This commitment follows Pensana’s decision to become a partner of the Taskforce for Climate-related Financial Disclosure (TCFD).
The TCFD – chaired by businessperson Michael Bloomberg – provides a framework for transparency on how businesses are responding to the climate crisis across the areas of governance, strategy, risk management and metrics and targets.
Pensana CEO Tim George says that joining both the UN’s Global Compact and becoming a partner of the TCFD demonstrates Pensana’s “clear intent to develop a world-class sustainable supply chain for rare earths”.
He adds that both the UN Global Compact and the TCFD provide externally recognised frameworks to report Pensana’s progress.
Pensana is developing its 84%-owned Longonjo rare earths project, in Angola, as well as the Saltend rare earth oxide separation facility, in the UK. The separation facility will produce about 12 500 t/y of rare earth oxide, including 4 500 t of neodymium and praseodymium.