London Stock Exchange welcomes Pensana Rare Earths Plc to the Main Market
Today London Stock Exchange welcomes Pensana Rare Earths, a rare earth development company focused on supplying innovative NdPr solution to the green economy, as it lists on the standard segment of the London Stock Exchange's Main Market.
Renewable energy is set to play a significant role in the recovery from the COVID-19 pandemic. With US$16 trillion of stimulus programmes driving the energy transition, demand for critical rare earth magnet metals, used in offshore wind turbines and electric vehicles, is expected to grow dramatically. However, this significant growth and investment in the green energy transition could be shortened due to the lack of supply of critical rare earth metals. The Longonjo project in Angola is one of the largest deposits of rare earths globally and is set to be the first major mine developed in 12 years, providing diversification to a global supply that sees just under 90 per cent originate from the Chinese market.
Paul Atherley, Chairman of Pensana Rare Earths, commented:
"One thing is sure, the green economy will be central to the global recovery from COVID-19, and offshore wind will be a major beneficiary. Over the next 20 years, demand for offshore wind is expected to grow by 1,500% consuming thousands of tonnes of permanent magnets, significantly driving the demand for rare earth metals at a time when the supply chain is already heavily constrained.
“Benefitting from world-class infrastructure, Presidential approval and sovereign wealth fund backing, Pensana is poised to bring on the first major mine in over a decade, providing UK investors with direct exposure to the burgeoning electric vehicle and offshore wind sectors."