Inward investing magnet metal processor Pensana has delisted from the Australian stock exchange as it focuses on its emerging UK and African interests.
The company has also dropped ‘Rare Earths’ from its name as it broadens its remit to the start of the supply chain.
It will retain its primary listing on the main board of the London Stock Exchange as it raises funds and works towards consent for a complex chemical engineering plant at Saltend.
The facility will be used to process the core materials for use in electric vehicles and offshore wind turbines. Pensana was “first off the rank” in Angola to mine for the feedstocks, with preliminary results pleasing those behind the operation.
Shareholders supported the moves.
Chairman Paul Atherley said: “The name change marks an inflection point in the company’s evolution as it transitions from mine developer to a rare earth processing company looking to establish the world’s first sustainable magnet metal supply chain."
As reported, a £100 million investment will bring 100 jobs to the PX Group-owned ‘plug and play’ site east of Hull.
A planning application has been submitted to East Riding Council, while a new business plan, which is due before the end of the month “promises to bigger, bolder and greener,” Mr Atherley said.
He aims to have a team at Saltend by the end of the year.
