Business
Study into UK based Rare Earth processing facility
Study into UK based Rare Earth processing facility.
About this update from Pensana Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7004B\n Pensana Rare Earths PLC\n 12 October 2020\n \n \n \n \n \n \n \n 12 October 2020\n \n \n \n \n \n \n \n \n Study into establishing UK based Rare Earth processing facility\n \n \n \n \n \n Pensana Rare Earths Plc (LSE:PRE, ASX:PM8) has appointed the Wood Group to undertake a study into the establishment of an integrated rare earth processing facility in the UK (\"the Wood Group Study\") with a view to creating the world's first sustainable magnet metal supply chain.\n \n \n \n \n \n Having progressed the design of the Longonjo project to include the production of a mixed rare earth carbonate, Pensana now has a unique opportunity to explore the potential for it to make one further step downstream and to create additional value by establishing a rare earth oxide production facility in the UK.\n \n \n By linking a mid-stream magnet metal supply with downstream magnet manufacturing capacity there is the potential to create a sustainable magnet metal supply chain at a time of increasing concern over the provenance of these critical metals for the electric vehicle (\"EV\") and Offshore Wind Turbine industries.\n \n \n Following the recent resource upgrade, the Longonjo project is now one of the world's largest known rare earth resources. To give a sense of scale, the Longonjo project could, together with the UK processing facility, produce enough rare earth oxide to supply the wind turbines at Dogger Bank, projected to be the world's biggest wind farm, for the next 20 years. \n \n \n Located 130 km (80 miles) off the Yorkshire coast, the Dogger Bank wind farm will be powered by an array of 260 metre high Haliades X 13MW turbines, each requiring over 7 tonnes of permanent magnets, and has the capacity to generate enough renewable electricity to power 4.5 million homes, or 5% of the UK's total electricity supply. \n \n \n With Presidential approval and ongoing financial backing from the Angolan Sovereign Wealth Fund, Pensana's Longonjo project is well-placed to become the first producing major rare-earth mine in over a decade at a time of burgeoning demand for these critical metals.\n \n \n The project is being developed to international standards, has established infrastructure, including the capacity to be entirely powered by hydro-electricity, making Longonjo o...