Business
Pensana breaks ground at Saltend and secures AT...
Pensana breaks ground at Saltend and secures AT....
About this update from Pensana Plc
[{"type":"text","content":"\n \n 22 July 2022\n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n Pensana Plc\n (\"Pensana\" or the \"Company\")\n Pensana breaks ground at Saltend and secures ATF funding\n Highlights\n \n Ground breaking at Saltend rare earth processing hub, with attendance from Secretary of State for Business, Energy and Industrial Strategy Rt Hon Kwasi Kwarteng MP\n An important next step in the world’s first independent and sustainable rare earth supply chain \n\nProduction to commence in 2023, with plans to produce 5% of global magnet metalsUS$195m plant to play key role in ‘levelling up’, creating long term, high value jobs\n Funding from the UK Government’s Automotive Transformation Fund, demonstrating strong support for Pensana’s important role in the UK’s magnet metals supply chain\n Significant interest from electric vehicle and wind turbine OEMs, looking to secure magnet metal rare earths with low embedded carbon\n Kwarteng also launched the UK Government’s Critical Minerals Strategy at the ceremony\n \n Ground breaking\n Pensana announces that it has broken ground at its Saltend rare earth processing hub, a key development in the Company’s plans to create the world’s first independent and sustainable rare earth supply chain. Located in the Humber Freeport in Hull, Saltend is set to become the world's first rare earth processing facility powered by offshore wind, producing the key components for electric vehicle and offshore wind original equipment manufacturers with low-embedded carbon.\n Pensana’s project was endorsed by the Rt Hon Kwasi Kwarteng MP, Secretary of State at the Department of Business, Energy and Industrial Strategy, who was present at the ground-breaking ceremony, demonstrating strong government support for Saltend and the Company.\n Following a 12 month construction period, the US$195m state-of-the-art plant is targeting production in late 2023, before ramping up to full capacity in 2024. The Company aims to produce 12,500 tonnes of separated rare earths, including 4,500 tonnes of the critically important magnet metal rare earths, which represent over 5% of world supply. Saltend will employ over 450 people during the 12 month construction phase and will create 125 long-term, high value jobs, demonstrating ‘levelling up’ in action.\n Automotive Transformation Fund support\n Pensana is also pleased to announce that...