Pensana invests $125 million at Saltend Chemicals Park
A rare earths processing center is being built in the port city of Hull, in northeastern England. Ground was recently broken at the Saltend Chemicals Park. The $125 million construction project will be the first major rare earth separation facility to be built in more than a decade, operator Pensana said in a press release. It is also the first plant to be located in a freeport, which brings tax advantages, Paul Atherley, CEO of Pensana told the Yorkshire Post. His company wants to develop Saltend as an attractive alternative for mining companies that would otherwise ship their mined rare earths to China for further processing. To finance the venture, Pensana also plans to seek funding from the UK’s Automotive Transformation Fund. This was set up to secure raw material supplies for the construction of electric vehicles.