Plans for Pensana to move to a larger site on Saltend Chemicals Park have been approved.
The rare earth refinery is switching plots on the huge industrial site east of Hull, as it ensures it has room to add further phases to the operation.
Recycling of turbines has been added to the scope of the £150 million development since it was first outlined in late 2020. It is anticipated to hit full production in 2024.
Read more: Offtake plans progressing for Pensana as 'robust economics' behind magnet metals investment outlined
East Riding of Yorkshire Council passed the proposal, with 125 jobs anticipated to be created in the first steps of a magnet metal supply chain - a core element of electrical development in cars and renewable energy development.
It will reduce global dependence on Chinese production, with Pensana owning mining operations in Africa to feed the Humber plant.
Paul Atherley, chairman, said: “We are delighted that the strategic importance of Pensana's Saltend facility has been recognised by East Riding Council, and that the planning application for a larger site has been approved. This will bring high-value jobs to the local area and allow us to expand further into downstream production, as part of our plans to create a world-class, independent, and sustainable supply of rare earth metals for electric vehicles, offshore wind and other strategic industries."
Pensana’s chief commercial officer, William Izod, told councillors that 90 per cent of the world's magnets are currently produced in China, and their near monopoly could result in them dictating prices and limiting exports.
Electric cars need roughly one kilogram of magnet, while a 260-metre wind turbine can use seven tonnes.
The switch sees it head from the west of the site, bordering the port - consented back in April last year - to the northern entrance, on an undeveloped triangle between Paull Road and the A1033 Hull Road.
Backing the move, Councillor John Whittle, chair of East Riding of Yorkshire Council, said:“If this is going to enhance the robustness of our country it must be supported."
It comes as a £4 million public investment from the government’s Automotive Transformation Fund has been touted, a move seen as unlocking further private investment for the London-listed entity.
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