Shares of Pensana Rare Earths Plc rose about 8% on Monday after it said it submitted a planning application for a proposed rare earth oxide separation facility at the Saltend Chemicals Park, Humber, Yorkshire.
“The $125 million facility will generate around 100 direct jobs once constructed and in operation,” said Pensana.
“It is being designed by Wood Group to become one of the world’s largest producers of rare earth oxides, crucial components in the manufacture of powerful permanent magnets which are used in a range of growing advanced industries including electric vehicles and offshore wind turbines.
“The application, which is expected to take up to three months to review, supports Pensana’s commitment to establish the world‘s first fully sustainable mine to magnet metal supply chain in the UK.”
Pensana said the Saltend Chemicals Park is a cluster of world-class chemicals and renewable energy businesses including BP Chemicals, Ineos, Nippon Gohsei and Air Products.
It is strategically located on the Humber estuary, a gateway to Europe and the UK‘s busiest ports complex.
The 370-acre site has had £500 million of investment over recent years and is managed by the px Group.
The site provides “plug and play” services with ready access to the port, a wide range of utilities, power, chemical supply, logistics and a large pool of skilled personnel with experience in the chemicals industry.
Pensana chairman Paul Atherley said: “We have been delighted with the enthusiastic support from a broad range of stakeholders for this proposed investment, which will create high value manufacturing jobs in the Humber region and will be an important step in establishing the world’s first sustainable mine to magnet metal supply chain in the UK.
“The plug and play services provided by the px Group at the world-class Saltend Chemicals Park have substantially reduced the capital cost of the proposed facility, allowing us to focus on the operational aspects of the investment and providing scope for our longer-term ambitions.
“We look forward to working with local stakeholders on establishing the approvals for this investment in high value manufacturing in the UK.”