Inward-investing rare earths specialist Pensana has announced an initial agreement for the sale of 25 per cent of its proposed production at Saltend.
The company has revealed a memorandum of understanding has been signed for a quarter of the anticipated critical raw materials for magnet metals, set to be refined on the Humber Bank. Who the agreement is with was not divulged in the statement, released to the City. The entity has been described as a "non-Chinese major industry player".
Pensana is investing more than £150 million in a complex chemical separation plant on the freeport site east of Hull. The minerals, to be sourced from its Angolan mine operations and third parties, are required in the burgeoning production of electric vehicles and wind turbines, with 125 direct jobs to be created.
