Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Birmingham Post
Birmingham Post
Business
David Laister

Pleasing exploration results for Pensana as rare earths sourced to feed emerging Saltend plant

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.

Read more: Geo-politics and carbon taxation plans play into Pensana's hands as it spends big ahead of Humber build

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.

Do you follow BusinessLive Humber on LinkedIn and Twitter? Click and engage to ensure you stay updated

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.