Source - Alliance News

Pensana PLC on Monday said that its Saltend and Longonjo projects have commenced on-site construction programmes.

The London-based rare earth metal mining company is looking to establish a supply chain for rare metals used in electric vehicles, wind turbines and other high-technology applications, with its Saltend facility set to become one of the few major producers outside of China.

Pensana said that its Saltend facility - a rare earth processing hub in the Humber Freeport, England - is ‘progressing well’, with the contracts for earthworks having been assessed for imminent reward and the main contractual works likely to commence in the new year.

Pensana also said that it had appointed a construction manager, Martin O’Rourke, to supervise the contracts alongside the principal contractor John Wood Group PLC.

The company announced that its earthworks contractor for its Longonjo mining project in Angola has mobilised to site, and undertaken ground clearing. Camp buildings have also been fabricated by Bushtec in South Africa, and are scheduled to be delivered to the Longonjo site in January 2023.

Pensana continues to recruit operational personnel for both sites, with the company intending for ‘key operators to be part of the construction process to assist them moving seamlessly into commissioning’.

Chief Executive Officer Tim George said: ‘Following our previous update in October we are extremely pleased with the progress at both sites. Our early construction management team has continued to grow with the addition of Mark O’Rourke appointed as a construction manager in Saltend.’

‘These critical developments will allow us to move forward quickly in delivering independent and sustainable world-class rare earth facilities at both our operations,’ George said.

Pensana shares were trading 0.5% higher at 54.50 pence each in London on Monday afternoon.

Copyright 2022 Alliance News Limited. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Pensana PLC (PRE)

+0.25p (+1.28%)
delayed 16:30PM