The company told shareholders on Monday that the application could take up to three months to review.

Once constructed, the $125m facility will create around 100 direct jobs and become one of the world’s largest producers of rare earth oxides, used in a range of industries including electric vehicles and offshore wind turbines.

The project will be located at the Saltend Chemicals Park, which hosts a cluster of chemicals and renewable energy businesses, including BP Chemicals.

“We have been delighted with the enthusiastic support from a broad range of stakeholders for this proposed investment, which will create high-value manufacturing jobs in the Humber region and will be an important step in establishing the world’s first sustainable mine to magnet metal supply chain in the UK,” said Pensana’s Chairman, Paul Atherley in a media release.

“The plug and play services provided by the px Group at the world-class Saltend Chemicals Park have substantially reduced the capital cost of the proposed facility, allowing us to focus on the operational aspects of the investment and providing scope for our longer-term ambitions.”

At Monday’s close, Pensana’s stock was up nearly 8% on the LSE. The company has a $281 million market capitalization.