Inward-investing rare earth specialist Pensana has been extremely encouraged by initial results from further exploration in Africa.
The magnet metal supply chain developer is bringing a complex separation plant to Saltend Chemicals Park, with the aim of commissioning late next year.
It will take materials sustainably mined in Angola and provide for manufacturing markets including electric vehicles and offshore wind turbines.
Work began to investigate deposits 16km north of its state-of-the-art Longonjo site, where it is making major capital investments to serve the Humber plant.
The locations, Coola and Sulima West, were initiated in 2020, covering a 7,500 sq km zone.
Covid travel restrictions saw operations curtailed, resuming again late last year.
In an update released to the City on Monday, exploration manager, Grant Hayward, said: “We are extremely encouraged by the initial results from both Coola and Sulima West and are eager for the field season to commence to follow up on these exciting targets.
“Whilst it is early stage, these are very large structures reporting grades which are in some cases higher than those for Longonjo. There are several radiometric anomalies and ring structures still to be evaluated, and we very much look forward to further exploration in 2022 with the easing of Covid-related travel restrictions.”
The early results follow its six month update last week, as timelines shorten on the delivery of the £150 million plant at the PX Group site.
Shares closed up 7.1 per cent to 90p, continuing the growth trajectory it has been on since early March, from where Pensana is up 63 per cent.
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