The Rare Earth Refinery
Tees Valley an exceptional versatility, adaptability and top class “plug and play” location providing the perfect infrastructure for a top class rare earth refinery
To better position Peak in the market, a strategic decision has been made to establish a rare earth refinery at a location with access to global shipping, cheap and reliable bulk reagent supplies (particularly hydrochloric acid and caustic soda), a skilled labour force, readily available power, water and environmentally sustainable options to dispose of tailings materials. Wilton International Site (“Wilton”) in Tees Valley, 5th largest UK port by volume with an annual cargo volume of 40 million tonnes, near the town of Middlesbrough in the United Kingdom (UK) is a large scale industrial park offering a “plug and play” option with existing access to reliable competitively priced power, utilities and services. Wilton is also located within 3km of the Teesport, a deep water port where the rare earth mineral concentrate will be shipped, and close to a number of facilities that are capable of managing the tailings from the process.
Peak Resources’ in-house technical expertise has allowed the Company to develop a competitive, custom made chemical route that delivers the most cost effective method of extracting the high value elements Neodymium and Praseodymium. Peak Resources is one of the few market players outside of China who plan to be fully vertically integrated!
The Company is targeting to produce and market the following 4 products:
- A high purity 2N neodymium + praseodymium oxide (99.9%) product of approx. 2,810 tonnes per year (tpa)
- A combined mid+heavy rare earth carbonate of approx. 625 tpa per year(equivalent to 330 tpa of contained REO )
- A separated lanthanum rare earth carbonate of approx. 7,995 tpa (equivalent to 4,230 tpa of contained REO )
- A separated cerium rare earth carbonate of approx. 3,475 tpa (equivalent to 1,920 tpa of contained REO )
Furthermore, The Company has the support of the UK government through the Department for International Trade which includes UK Export Finance as well as locally from the Tees Valley Combined Authority. The Wilton site is also located within an Enterprise Zone with Enhanced Capital Allowance status. Companies located at this site can apply to receive a first year capital allowance of 100% on qualifying plant and machinery currently set to a maximum of 125 million Euros. The corporate tax rate is currently set at 20% and is expected to reduce to 18% from 1 April 2020.
The planned capital expenditure for the refinery according to the BFS – update results approx. US $165 million including 15% contingency and 5% owners costs and we anticipate an annual operational expenditure of US $40 million.
For further information regarding the future location of our refinery please visit http://www.wiltoninternational.com