US think tank Foreign Policy Research Institute (FPRI) has named London-listed Pensana among the companies and developments critical to creating a sustainable global rare earth supply chain independent of China.
In an essay, titled ‘America’s Critical Strategic Vulnerability: Rare Earth Elements’, it says China’s dominance over global critical mineral supply chains presents one of the largest strategic vulnerabilities to the US and its allies since the Arab oil embargo-triggered energy security crisis of the 1970s.
According to the institute, there are currently 16 UK mineral corporations exploring rare earths and refined metals expansion, including larger corporations like Glencore, Rio Tinto and BHP.
Mining revival in the UK has become a hot issue of policy, with Parliamentary debates highlighting the significance of rare earth elements (REEs) to the economy.
Mineral corporation Pensana recently won a bid to build mineral extraction plants in Angola, the first British-affiliated REE facility scheduled for operation in a decade.
The establishment of this facility aligns well with US foreign policy, and Africa has quickly become a priority destination for critical mineral extraction.
Pensana chairperson Paul Atherley welcomed the FPRI’s recognition on behalf of Pensana, noting that the company’s Saltend facility, in Humber, in the UK, and its Longonjo mining project, in Angola, “align well to US policy making”.
Pensana also supports the UK government’s ambitions to bring high-value manufacturing jobs back to Britain and develop in-country manufacturing in support of the burgeoning green economy.