One of the UK’s largest fund managers has upped its stake in Humber Bank-investing rare earth specialist Pensana.
More than £3 million has been pumped into the company by M&G Investment Management, as it increased its shareholding to 7.7 per cent. It comes a year after its initial 5 per cent purchase in a £10 million equity buy-in to the company.
Pensana is building a £150 million complex chemical separation plant at Saltend, as well as mining operations in Angola. It will kickstart a supply chain for magnet metals - vital in the manufacture of leading green tech such as electric vehicle batteries and wind turbines.
