30th Mar 2022 10:49
Pensana PLC - London-based rare earth metal miner - Widens pretax loss to USD4.1 million in the six months to December 31 from USD2.6 million the previous year. Total assets in its first half fall 11% to USD36.3 million from USD40.8 million. In second half, company completes front-end engineering design for both Saltend and Longonjo sites. Adds it receives approaches from "major European and US electric vehicle and wind turbine original equipment manufacturers" to secure magnet metal supply chain.
Chair Paul Atherley says: "We have seen six months of considerable progress for the company as we look to establish an independent and sustainable magnet metal rare earth production facility at Saltend in the UK to meet the burgeoning demand from the electric vehicle and offshore wind sectors. Both the Saltend and Longonjo projects have been brought to FEED status, with financing and offtake discussions being well advanced."
Current stock price: 77.40 pence, 0.7% in London
12-month change: down 47%
By Heather Rydings; [email protected]
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