PRE Pensana Plc

 
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 
 
 

(END) Dow Jones Newswires

October 16, 2023 02:00 ET (06:00 GMT)

Pensana (LSE:PRE)
Historical Stock Chart
From Apr 2024 to May 2024

Pensana (LSE:PRE)
Historical Stock Chart
From May 2023 to May 2024