30 June 2021
("Pensana" or the "Company")
The Board of directors (“the Board”) of Pensana Plc (the "Company") today announces that Mr. Neil Maclachlan and Mr. Mark Hohnen, both independent non-executive directors will be stepping down from their positions on the Board effective 30 June 2021.
The Board would like to express its sincere thanks and appreciation to both Mr. Maclachlan and Mr. Hohnen for their extensive contributions to the Company over the past several years, during which time they helped transform the Company from a junior ASX listed mining exploration company to setting it on the trajectory of looking to create the world’s first sustainable rare earth processing hub at the Saltend Chemicals Park, the Humber, United Kingdom.
Paul Atherley, Chairman of Pensana, commented:
“Mark and Neil are highly respected Directors with impressive track records in the natural resources sector. Their vision and ability to make important decisions during early stages of the Company’s development have laid solid foundations for Pensana's success to date. We thank them for their considerable contributions and wish them well in their future endeavours.”
This announcement is made in accordance with Listing Rule 9.6.11.
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About the Company
The Company is focussed on the production of the rare earth elements, Neodymium and Praseodymium (“NdPr”) used in the manufacture of magnetic metals in the electric vehicle and offshore wind markets, deemed essential for the societal transition to a green economy at a time when China dominates this supply chain.
The Company has commenced development the world’s first sustainable rare earth processing hub at the Saltend Chemicals Park, the Humber, United Kingdom which will provide the Company with an independent and sustainable supply chain of these rare earth elements.
The Saltend facility was part of the Humber’s recently successful Freeport bid and will be in a position to import rare earth feedstock from sustainable sources around the world and export its high value products to automotive and wind turbine supply chains with minimal taxes or other imposts.
The Company will source its initial feedstock from its Longonjo mine in Angola. The near surface high grade mine which is linked to the Port of Lobito by a recently upgraded Benguela rail line and has been designed by UK engineering experts Wood Group plc to international standards which features zero carbon hydroelectric power and tailings storage facilities aligned to Church of England Pensions Board and ICMM guidelines.
The Company is in active discussion with third parties for the additional supply of sustainably sourced rare earth carbonates and will look to expand production capacity once such feedstock becomes available.