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Pensana looking to establish rare earths supply for green economy

21st April 2021

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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London-listed Pensana has announced a business plan to help it establish, subject to funding, an independent and sustainable supply chain of the rare earth metals vital for electric vehicles, wind turbines and other strategic industries.

This includes plans to establish the world’s first sustainable rare earth separation facility at the “plug and play” Saltend Chemicals Park (SCP) in Humber, in the UK; and with a target production of about 12 500 annualised tonnes of rare earth oxides, including 4 500 t of magnet metal rare earth oxides, which would represent about 5% of projected global demand by 2025.

Moreover, it includes plans to establish the Saltend rare earth separation facility as the world’s first major separation facility established in over a decade and which would be one of only three major producers located outside China.

The planned $125-million facility would create over 100 direct jobs processing purified rare earth sulphates, which will be sourced from the company’s Longonjo mine, in Angola. 

Benefitting from the recently awarded Humber Freeport status, Saltend has the potential to bring high-value manufacturing jobs back to the UK, the company says.

Moreover, through Pensana’s plans, the facility could become one of the world’s largest rare earth processing hubs, importing sustainably, globally sourced feedstock and processing it into valuable oxide and metal products for consumption by European original-equipment manufacturers and beyond, the company notes.

“Saltend has the potential to become the first major separation facility to be established in over a decade – one of only three major producers outside China – at a critical juncture when Europe depends on China for 98% of its rare earth magnets,” Pensana chairperson Paul Atherley says.

He explains that Saltend will initially seek to source high-purity feedstock from the company’s Longonjo mine and will look to take advantage of the recently granted Humber Freeport status to create a high-value processing hub in the UK. 

“The global rare earth market, driven by demand from industries including electric vehicles and offshore wind, is expected to increase five-fold by 2030 and the neodymium-praseodymium oxide price is forecast to increase at a compound annual growth rate of 4.8% to 9.9%, underpinning strong economics for the investment.

With approvals in place for both Saltend and Longonjo, we are looking to commence the development of both projects later this year,” Atherley indicates.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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