Pensana to build $171 million Yorkshire project to break China's rare earths monopoly
2022-01-18 11:58:55 [Print]
UK-based Pensana PLC plans to start building a ￡125 million ($171 million) rare earth minerals processing plant at the Port of Hull in Yorkshire this summer and aims to have it up and running by next year, at the vanguard of efforts to break the UK's dependence on China for supplies of rare earths.
China produces more than 98% of the world's magnets and is preparing to tighten its grip on the market by combining three of its huge state enterprises to form China Rare Earth Group that will control 70% of China's output.
Pensana will directly benefit from supportive UK Government policies by building the facility within the Humber Freeport.
China produces more than 98% of the world's magnets and is preparing to tighten its grip on the market by combining three of its huge state enterprises to form China Rare Earth Group that will control 70% of China's output.
Pensana will directly benefit from supportive UK Government policies by building the facility within the Humber Freeport.
