Business
Result of General Meeting
Result of General Meeting.
About this update from Pensana Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n8 JUNE 2023 Pensana Plc (\"Pensana\" or the \"Company\") Results of General Meeting Pensana is pleased to report that at the Company's General Meeting, held earlier today, all Special Resolutions proposed at the meeting, were passed by the requisite majority. -ENDS- For further information, please contact: Shareholder/analyst enquiries:Pensana Plc Paul Atherley, Chairman [email protected] Tim George, Chief Executive OfficerRob Kaplan, Chief Financial OfficerGeorge Zacharias, Group Company Secretary Media enquiries:FGS Global:Gordon Simpson / Richard Crowley [email protected] About Pensana PlcThe electrification of motive power is the most important part of the energy transition if we are to tackle climate change and one of the biggest energy transitions in history. Magnet metal rare earths are central to that transition, forming a critical part of the technology for efficient electric vehicle motors and offshore wind turbines.Pensana plans to establish its Saltend processing hub as an independent and sustainable supplier of the key rare earth magnet metal oxides to a market which is currently dominated by China. The US$195 million Saltend facility is being designed to produce circa 12,500 tonnes per annum of rare earth products, of which 4,500 tonnes will be neodymium and praseodymium oxide (NdPrO), representing over 5% of the world market in 2025. Pensana's plug-and-play facility is located within the world-class Saltend Chemicals Park, a cluster of leading chemicals and renewable energy businesses in the Humber Freeport and will create over 500 jobs during construction and over 125 direct jobs once in production. Powered by low-carbon offshore wind, it will be the first major separation facility to be established in over a decade and will become one of the few major producers located outside China. Feedstock will be shipped as a clean, high purity mixed rare earth double sulphate (MREDS) from the Company's Longonjo low-impact operations in Angola. The mine's state-of-the-art concentrator and proprietary MREDS processing plant are designed by Wood to the highest international standards. The operations will be powered by renewable energy from hydroelectric power and connected to the Port of Lobito by the recently u...