More than 100 new jobs could be created should development of rare earths refinery move forward
Over 100 new jobs could be created should plans to develop a rare earth refinery in Tees Valley move forward, a recent news report in the local media has been able to suggest.
Tees Valley mayor Ben Houchen met representatives from Peak Resources to move forward the development of the facility, which will produce materials used in the manufacture of powerful magnets.
Rocky Smith, chief executive of the Perth-based business, flew in to the region for talks over the plan for a £70m development on the Wilton International Site, which could begin production as early as next year.
Tees Valley had been previously selected as the company’s preferred location for the new facility after a global search of more than 25 countries.
Mayor Ben Houchen said: "This project shows the massive strength of Tees Valley’s manufacturing reputation and how attractive our region is to global investors. If a firm from halfway around the world is willing to invest in a site here, we must be doing something right.
"This project would not only create more jobs and inward investment in the short term but also act as an example for further international businesses looking to invest post-Brexit."
Peak Resources’ Rocky Smith added: "Tees Valley’s unique profile gives us everything we need to launch a successful refinery site. The argument for setting up a base here has just become stronger and stronger.
"We are very close to seeing real delivery here and I’m looking forward to making an announcement soon."
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