A £100 million complex chemical engineering plant has been given the go ahead by planners.
A total of 100 jobs could be created at Pensana’s rare earths processing facility at Saltend after East Riding Council gave the green light to the start of the supply chain for elements used in electric vehicles and offshore wind farms.
The London Stock Exchange-listed entity is also developing mining in Angola to provide a feedstock of some 12,500 tonnes of the key oxides, 4,500 of which would be the ‘magnet metals’.
Announcing the consent in a business plan launch to the City, chairman Paul Atherley said: “Saltend has the potential to become the first major separation facility to be established in over a decade – one of only three major producers outside China – at a critical juncture when Europe depends on China for 98 per cent of its rare earth magnets.
“Saltend will initially seek to source high purity feedstock from the company’s Longonjo mine and will look to take advantage of the recently granted Humber Freeport status to create a high value processing hub in the 海角视频.
“The global rare earth market, driven by demand from industries including electric vehicles and offshore wind, is expected to increase five-fold by 2030 and the neodymium-praseodymium oxide price is forecast to increase at a compound annual growth rate of 4.8 - 9.9 per cent, underpinning strong economics for the investment.
“With approvals in place for both Saltend and Longonjo, we are looking to commence the development of both projects later this year.”
The proposal was put forward in January, having been revealed in early December.
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The Humber site’s plug and play attraction saw it win over other 海角视频 and European locations.
Geoff Holmes, chief executive of PX Group, which owns the Saltend Chemicals Park, said: “Today’s news of Pensana’s successful planning application is another fantastic feather in the cap for Saltend Chemicals Park, which will now officially host Pensana and the 海角视频’s first rare earth processing facility. Rare earths play a crucial role in the production of powerful magnets that help power the wind turbines and the electric vehicles that will help decarbonise our economy.
“It is yet another company investing at Saltend, and proves the park has the energy transition at its heart following the Zero Carbon Humber bid win and Vivergo announcing it is re-starting production.
“Receiving planning permission in just three months for such a huge project - both in terms of significance for the 海角视频 and in terms of the facility’s sheer size - is testament to our teams’ abilities to work closely with clients with shared goals.”
Ineos, recent purchaser of BP’s interests there, is also investing, with the Tricoya timber building materials plant also in construction.