Pensana Plc, a rare earth metals company headquartered in London, UK, has become a signatory to the United Nations Global Compact, an initiative to encourage CEOs to implement sustainable principles and take steps to support the UN sustainable development goals. The company is in the initial stages of establishing a sustainable magnet metal supply chain to meet demand from the electric vehicles and offshore wind industries.
Pensana joins over 13,000 other businesses committing to uphold the compact’s ten principles across human rights, labour, environment and anti-corruption. This commitment follows Pensana’s decision to become a partner of the Taskforce for Climate-related Financial Disclosure (TCFD). Chaired by Michael Bloomberg, the TCFD provides a framework for transparency on how businesses are responding to the climate crisis across the areas of governance, strategy, risk management and metrics and targets.
Tim George, Pensana’s CEO, commented, “Joining both the United Nations Global Compact and becoming a partner of the Taskforce for Climate-related Financial Disclosure demonstrates our clear intent to develop a world class sustainable supply chain for rare earths. Both the UN Global compact and the TCFD provide externally recognised frameworks to report our progress.”
Pensana plans to establish its Saltend site as an independent, sustainable supplier of the key magnet metal oxides to a market which is currently dominated by China. The US$190 million Saltend facility is being designed to produce around 12,500 tonnes per annum of rare earth oxides, of which 4,500 tonnes will be neodymium and praseodymium (NdPr), representing over 5% of the world market in 2025.