Pensana Plc Meeting with Minister Nusrat Ghani
16 Octubre 2023 - 1:00AM
UK Regulatory
TIDMPRE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana Plc
("Pensana" or the "Company")
[image]
Meeting with Minister Nusrat Ghani to discuss the potential UK and US
Government support for the Saltend project.
Pensana is pleased to announce that Chairman Paul Atherley met recently with
Nusrat Ghani, Minister of State at the Department for Business and Trade and
Cabinet Office, to discuss the potential UK and US Government support for the
Saltend project.
The meeting highlighted that the successful development of the US$250 million
Saltend project would be an important step in supporting the UK automotive
supply chain, which employs over 780,000 people, as it transitions to electric
vehicles (EVs).
By 2030 the UK is expected to have transitioned from being a major European
producer of internal combustion engines to be a world leader in the
manufacture of electricdrive units (EDUs), producing three million EDUs
annually, with a large proportion destined for export. Without a secure magnet
metal supply chain this is under threat.
Pensana is establishing an independent, sustainable rare earth supply chain
with mid-stream processing to produce magnet metal in the UK.
The Saltend project will deliver 450 jobs during construction and 150 high
value jobs in operation with a significant opportunity for further expansion.
The facility is specifically designed to be flexible allowing it to process
feedstock from the Longonjo project in Angola along with feedstock from other
different rare earth mining projects.
The Minister assured Pensana that the project was of strategic importance for
the UK and that support for the project would be raised during talks with
Under Secretary Jose Fernandez during the Mineral Security Partnership
discussions held during the London Metal Exchange (LME) Week.
Pensana was previously nominated by the UK Government as a partner under the
recently announced Minerals Security Partnership (MSP) between the US and its
international allies.
The goal of the MSP is to catalyse investment from the private sector and key
government partners for "strategic mining, processing, and recycling
opportunities that adhere to the highest environmental, social, and governance
(ESG) standards," focused particularly on the priority critical minerals
needed for core technologies such as electric vehicles and clean technologies.
The information contained within this announcement is considered by the Company
to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014. Upon the publication of this announcement via a
Regulatory Information Service, this inside information will be considered to be
in the public domain. The person responsible for arranging for the release of
this announcement on behalf of the Company is Paul Atherley, Chairman.
- ENDS -
For further information, please contact:
Shareholder/analyst enquiries:
Pensana Plc
Paul Atherley, ChairmanIR@pensana.co.uk
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer
This information was brought to you by Cision http://news.cision.com
END
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October 16, 2023 02:00 ET (06:00 GMT)
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