Pensana Rare Earths Plc announces that Saltend Chemicals Park near Hull has been selected as the proposed site to build the UK’s first rare earth processing facility with a view to helping create the world’s first fully sustainable magnet metal supply chain.
Working with Wood Group, the UK engineering consultants, the processing facility would become one of only two major producers outside China of rare earth oxides used in the manufacture of powerful permanent magnets, critical to the offshore wind and electric vehicle industries. Lynas Corporation of Australia is currently the world’s largest non-China producer of magnet metal rare earth oxides from its facility in Malaysia.
Gerry Grimstone, UK Minister for Investment said: “We very much welcome the proposal to establish a fully sustainable rare earth oxide magnet metal processing facility in the Humber region. This facility is an important step in the establishment of a permanent magnet supply chain in the UK which could support a range of industries important to building back greener and our Net Zero ambitions.”
The Saltend Chemicals Park is a cluster of world class chemicals and renewable energy businesses including BP Petrochemicals, Ineos, Nippon Gohsei and Air Products, strategically located on the Humber estuary, a gateway to Europe and the UK’s busiest ports complex. The 370 acre site, which is managed by the px Group, has had £500 million of investment over recent years. The px Group provides a range of services including power, water, reagents, waste disposal, centralised control and administration which will allow the Company to focus on the operational aspects of the facility.
Chairman Paul Atherley commented: “The Saltend Chemicals Park offers an exceptional range of services allowing us
to plug into power, water, reagent supplies and services and to recruit a highly skilled local workforce at internationally competitive rates. It is very clear that it is no longer acceptable for British and European companies to import the raw materials critical to the Green economy from unsustainable sources. The Saltend facility has the potential to become a world class producer of rare earth oxides and to help establish a sustainable supply chain for the manufacture of powerful permanent magnets critical for the offshore wind and electric vehicle industries in the UK and Europe.”
Full details can be found here