London-listed Pensana has been shortlisted as New Company of the Year at the PLC Awards 2020, with a ceremony to be held on September 22.
The awards are open to all companies listed on the main market of the LSE.
Pensana was selected by an esteemed voting panel alongside leading organisations from diverse industries, including logistics, textiles, computing and asset management.
Pensana is reportedly the only company across all awards categories that is committed to creating a critical resources supply chain, in light of the green energy transition.
For the new company award, qualifying companies must have listed in 2020 and demonstrated exceptional growth and management qualities to the investment community.
Pensana is establishing a rare earths separation facility in the UK, with front-end engineering design work set for completion in October.
It is poised to produce 12 500 t/y of rare earth oxides, including 4 500 t of neodymium and praseodymium, which represents about 5% of the projected global demand in 2025.
Pensana is also developing the Longonjo rare earths project, in Angola.
US think tank Foreign Policy Research Institute in June named Pensana among the companies and developments critical to creating a sustainable global rare earth supply chain, independent of China.