Pensana is entering into a strategic relationship with a major non-Chinese industry player supplying Rare Earth oxides from the Saltend processing hub.
The relationship involves an MoU under which a quarter of Saltend’s annual production will be taken as raw materials for magnet production.
The company will continue to develop the independent and sustainable supply chain for low carbon rare earth products to be produced in Europe.
Pensana recently broke ground at the Saltend Chemical Park in the Humber Freeport UK with high-value raw materials supplied from the hydroelectric-powered state-of-the-art mine at Longonjo in Angola.
Chairman Paul Atherley said:”This agreement represents a significant step forward in our goal of providing an independent and sustainable supply of rare earth magnets for the Electric Vehicle and Offshore Wind industries. It is also an important step in finalising the financing for the project.
“By having a significant industry partner across the globe, we now have further validation that Pensana’s project is an essential element in the growing independent value chain for these critical minerals.
“We look forward to closely working with our partners and hope to expand our relationship as our project progresses with the introduction of Metal conversion and Heavy Rare earth separation at our Saltend facility powered by offshore wind, offering ultra-low embedded carbon products essential for the energy transition.”
