By : Franyi Sarmiento, Ph.D., Inspenet, July 27, 2022.
Pensana has begun construction of its rare earth processing center, known as the Saltend project, a key development in plans to create the world’s first independent and sustainable supply chain. Saltend will produce parts for electric vehicles and offshore wind power.
The government is backing the initiative with an undisclosed sum from the Automotive Transformation Fund (ATF) of £1 billion (about $1.2 billion), which is mandated to support the electrification of the UK automotive supply chain.
The facility is expected to be in full production in 2024, making it one of the top three rare earth oxide producers outside of China. It will also be the world’s first rare earth processing facility powered by offshore wind power.
“This is a major milestone for both Pensana, the Humber region and the UK, as part of our ambition to establish a critical magnetic metals supply chain to ensure the transition to green energy,” said Chairman Paul Atherley in a statement.
Analysts have called the company’s production target of 12,500 tonnes of rare earth oxides a year, processed from mixed rare earth sulphates mined at the company’s Longonjo project in Angola, “too ambitious.”
Critics are also skeptical of the company’s goal of producing 5% of the world’s magnetic metals by 2024. The Saltend project has an estimated capital cost of $195 million, while Longonjo is estimated to cost just under $300 million.
This material from the AccionesMineras portal was edited for clarity, style and length.
Source : https://accionesmineras.com/noticias/pensana-comienza-a-construir-la-primera-refineria-de-tierras-raras-del-reino-unido/
Photo : Pensana PLC Twitter @PensanaRE
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