RCS - Pensana PLC - Planning Approval for larger Saltend Chemical Park

PensanaAnnouncement

30/05/2022 10:45

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RNS Number : 2389N  Pensana PLC  30 May 2022

30 May 2022

 

Pensana Plc

("Pensana" or the "Company")

 

Planning Approval for larger Saltend Chemical Park site in the Humber Freeport

 

Pensana is pleased to announce that its planning application for a larger rare
earth refinery site at Saltend Chemicals Park near Hull, has been approved by
East Riding Council.

The Company's £150m Saltend project will have significant local and national
benefits: it will create 450 jobs during construction and 125 high-value
full-time jobs thereafter, while playing an important part in reducing the
UK's reliance on critical mineral imports from China.

The Company's Chief Commercial Officer, William Izod, told East Riding
councillors that 90% of the world's magnets are currently produced in China,
and their near monopoly could result in them dictating prices and limiting
exports.

Electric cars need roughly one kilogram of magnet, whilst a 260 metre wind
turbine can use seven tonnes.

The planning approval was also reported by the Yorkshire Post, with Counsellor
John Whittle quoted on the project, stating that "If this is going to enhance
the robustness of our country it must be supported."

In addition, The Sunday Times recently reported that £4m of taxpayers' money
from the Automotive Transformation Fund would be granted to the project by
Business Secretary Kwasi Kwarteng. This should help unlock the private
investment needed to fund the plant, which could create 125 jobs.

A BEIS spokesperson told the Yorkshire Post: "We are investing heavily to
ensure the UK remains one of the best locations in the world for automotive
manufacturing. Through our £850m Automotive Transformation Fund, we are
dedicated to securing a globally competitive automotive sector in Yorkshire
and across the UK. Developing secure supply chains in critical minerals and
battery components is central to this."

Paul Atherley, Chairman, added: "We are delighted that the strategic
importance of Pensana's Saltend facility has been recognised by East Riding
Council, and that the planning application for a larger site has been
approved. This will bring high-value jobs to the local area and allow us to
expand further into downstream production, as part of our plans to create a
world-class, independent, and sustainable supply of rare earth metals for
electric vehicles, offshore wind and other strategic industries."

 

-ENDS-

 

For further information, please contact:

 

Shareholder/analyst enquiries:

Pensana Plc

Paul Atherley,
Chairman
IR@pensana.co.uk

Tim George, Chief Executive Officer

Rob Kaplan, Chief Financial Officer

Virginia Skroski, Head of Investor Relations & Communications

 

Media enquiries:

Finsbury Glover Herring:

Gordon Simpson / Richard
Crowley
Pensana-LON@finsbury.com

 

 

About Pensana Plc

The electrification of motive power is by far the most important part of the
energy transition and one of the biggest energy transitions in history. Magnet
metal rare earths are central to the transition away from internal combustion
engines and critical to electric vehicles and offshore wind turbines.

Pensana plans to establish Saltend as an independent and sustainable
processing hub supplying the key magnet metal oxides to a market which is
currently dominated by China. The US$195 million Saltend facility is being
designed to produce 12,500 tonnes per annum of rare earth oxides, of which
4,500 - 5,000 tonnes will be neodymium and praseodymium (NdPr), 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.

It will be the first major separation facility to be established in over a
decade and will become one of only three major producers located outside
China.

Pensana is aiming to establish Saltend as an attractive alternative for mining
companies who may otherwise be limited to selling their products to China,
having designed the facility to be easily adapted to cater for a range of rare
earth feedstocks.

www.pensana.co.uk (http://www.pensana.co.uk)

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