May 09, 2022 - May 10, 2022 / NTS GMT
Paul Atherley - Pensana PLC - Chairman
Thanks very much to the organizers. Thanks very much for you guys to hanging on in here. We're really excited about -- we're creating the first independent, sustainable, rare earth supply chain based in the UK. The background to it is, is that we all know about electric vehicles and offshore wind. What makes them work is rare earth magnets, permanent magnets, not lithium-ion batteries. And there's a huge demand, massive growth rate for this stuff.
But we've got a problem, is that China dominates, as in many of the metals. China is spending $11 trillion on its own electric vehicle and offshore wind. And it's basically making it clear, it's probably not going to have any for the rest of the world.
Currently outside China, there's only three major players: that's Lynas, the incumbent, they've been in production for quite a few years now; there's MP Materials that's redeveloping the Mountain Pass mine in California; and ourselves, building the Saltend plant in the UK.
Just to sort of comparison, Lynas got a market cap of $6 billion.
Pensana PLC at 121 Mining Investment Cape Town Conference Transcript
May 09, 2022
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