TIDMPRE
RNS Number : 3993N
Pensana PLC
29 September 2021
29 September 2021
Pensana Plc
( "Pensana" or the "Company" )
Board and Management Appointments
Pensana Plc today announces the appointment of Steve Sharpe as
an Independent Non-Executive Director of the Company and Chair of
the Audit and Risk Committee with immediate effect. The Company
also announces two key executive management appointments.
Steve is a highly experienced natural resources financier. He is
an Executive Board Member of EIT RawMaterials and a Partner of SLB
Capital Management. Previously, he was Chair of AME Group, Managing
Director at Canaccord Genuity, Managing Director at Endeavour
Financial and held senior positions at Standard Bank and NM
Rothschild.
Steve is a graduate of Citibank School of Banking, New York and
ESCAE Clermont-Ferrand, France.
Non-Executive Director Sandra Bates will step down from the
Board effective today, 29 September 2021. Pensana extends its
gratitude for her contributions throughout the past year.
The Company also announces the appointments of William Izod as
Chief Commercial Officer and Danny McNeice as Sustainability
Manager.
William has worked for leading organisations including Dyson and
Johnson Matthey. As Chief Commercial Officer, he will work with the
senior technical, sales and marketing teams across Pensana's
projects. William will support the development of UK operations,
growing the UK team and progressing the Company's commercial
strategy.
Danny joins from Drax Group where he was a Senior Environment
and Social Governance (ESG) Analyst. He led on ESG reporting and
played a key role in the development of their world leading carbon
negative ambition. As Sustainability Manager, Danny will drive the
strengthening of Pensana's sustainability programme and ensure it
makes a positive contribution to sustainable development in Angola
and the UK. He will be based at the Company's newly established
Yorkshire offices in Leeds.
Pensana's Chairman, Paul Atherley, said:
"We are delighted to welcome Steve Sharpe to the Board who
brings a wealth of experience in financing and developing resource
projects around the world at a time when we are looking to finance
Saltend and Longonjo. Steve has been involved with the financing of
some US$6 billion over his 37 year career.
William Izod and Danny McNeice also bring with them significant
experience and further strengthen the growing management team at an
exciting and important time for Pensana.
We are very grateful to Sandra Bates for her contribution in
establishing the highest standards of Corporate Governance within
the Company over the past year and wish her well in her future
endeavours. These standards are important as we embark on the
financing and will stand Pensana in good stead for years to
come."
For further information:
Pensana Plc
Website: www.pensana .co.uk
Paul Atherley, Chairman / Tim George, CEO contact@pensana.co.uk
About Pensana
The electrification of motive power is the most important part
of the energy transition and one of the biggest energy transitions
in history. Magnet metals are central to the transition and
critical to high value manufacturing applications such as electric
vehicles and offshore wind turbines.
Pensana plans to establish Saltend as an independent,
sustainable supplier of the key magnet metal oxides to a market
which is currently dominated by China. The US$125 million Saltend
facility is being designed to produce circa 12,500 tonnes per annum
of rare earth oxides, of which 4,500 tonnes will be neodymium and
praseodymium (NdPr), representing around 5% of the world market in
2025.
The Saltend facility is located within the world class Saltend
Chemicals Park, a cluster of leading chemicals and renewable energy
businesses at the heart of the UK's energy estuary, and host to a
range of companies including BP Petrochemicals technology, INEOS,
Air Products, Triton Power, Nippon Gohsei and Tricoya.
Pensana's plug and play facility will create over 500 jobs
during construction and over 100 direct jobs once in production. It
will be the first major separation facility to be established in
over a decade and will become one of only three major producers
located outside China.
Initial feedstock will be shipped as a clean, high purity mixed
rare earth sulphate (MRES) from the Company's Longonjo low impact
mine in Angola. The open-cast mine, state-of-the-art concentrator
and proprietary MRES processing plant are being designed by Wood to
the highest international standards. They will be powered by
minimal carbon hydro-electric power and connected to the Port of
Lobito by the recently upgraded Benguela railway line.
Pensana is of the view that provenance of critical rare earth
materials supply, life cycle analysis and GHG Scope 1, 2 and 3
emissions will all become significant factors in supply chains for
major customers. The Company intends to offer customers an
independently and sustainably sourced supply of the metal oxides
and carbonates of increasing importance to a range of applications
central to the energy transition, industrial, medical, military and
communications sectors.
For many miners around the world who are looking to access the
European and US supply chains, it is becoming increasingly clear
that the proposed EU and possible UK carbon border taxation would
mean that it is no longer acceptable for manufacturers to source
material extracted or processed unsustainably.
Pensana is aiming to establish Saltend as an attractive
alternative to mining houses who may otherwise be limited to
selling their products to China, having designed the facility to be
easily adapted to cater for a range of rare earth feedstocks.
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