Pensana Abandons UK Rare Earths Refinery Plans, Seeks US Investment Instead

BREAKING NEWS UK Rare Earths Refinery Project Scrapped in Favor of US Investment Pensana, the company behind a groundbreaking rare earths refinery project in East Yorkshire, has abandoned plans to build a facility at Saltend Chemicals Park near Hull. Instead, the company will seek investment in the United States. The decision comes after seven years of development on a rare earths mine in Angola, which is expected to begin delivering raw materials in 2027. The refinery would have processed these materials into metals used for high-tech applications such as electric vehicle motors and wind turbines. Timeline: 2015: Pensana begins developing the rare earths mine in Angola 2020: Plans are announced to build a refinery at Saltend Chemicals Park in Hull 2027: The mine is expected to begin delivering raw materials Immediate Impact: The decision to scrap plans for the UK refinery has sparked concern among industry experts, who had seen it as an opportunity for the country to gain a strategic foothold in the rare earths industry. China currently dominates this market. Background Context: Rare earths are not actually rare but rather a group of chemically similar minerals that are abundant in the Earth's crust. They are essential for high-tech applications, including electric vehicles, wind turbines, and robotics. What Happens Next: Pensana will now seek investment in the United States to support its plans for a refinery. The company has not announced where exactly it will build the facility or when construction is expected to begin. *This story is developing. Information compiled from Bbc reporting.*