"This advance in the Exploration Target to confirm Makuutu to be one of the largest ionic adsorption clay deposits outside of China."
Pensana Rare Earths has submitted a planning application for the proposed rare earth oxide separation facility at the Saltend Chemicals Park, Humber, Yorkshire.
Each Warrant in this second tranche is exercisable into one additional common share at a price of $0.413.
The facility will be one of only two major producers outside China of rare earth oxides used in the manufacture of powerful permanent magnets.
“With demand for rare earth magnets accelerating, it is imperative that we find viable economic solutions to reclaim end of life magnets."
“This JV represents an important step in Rainbow’s strategy to benefit from the expected growth in global demand for rare earth metals."
LSE and ASX-listed rare earths developer Pensana Rare Earths has successfully produced an NdPr-rich mixed rare earth carbonate from the testwork currently underway on mineralisation from its Longonjo rare earth project in Angola.
LSE and ASX-listed rare earths developer Pensana Rare Earths has appointed the Wood Group to undertake a study into the establishment of an integrated rare earth processing facility in the UK.