Mining giant BHP is set to leave the FTSE 100 index after unveiling plans to scrap the dual listing of its shares in London and Sydney.
The company, part of the UK’s blue chip index since 2001, will move its main listing to Australia as part of a huge shake up announcement made on the 17th August.
BHP regularly tops the list of the FTSE 100’s biggest companies, depending on fluctuations in market values. The move will see some investor funds that track the FTSE sell BHP shares.
Preparation works have begun at the Saltend Chemicals Park, Hull, to develop a £90m rare earth processing hub.
Pensana, Wood and pxGroup are on site, conducting geotechnical drilling and trenching for the foundations of the hub, ahead of main construction subject to the finalisation of project financing later in the year.
This key milestone marks the start of building the world’s first sustainable rare earth separation facility with a target production of around 12,500 annualised tonnes of rare earth oxides, including 4,500 tonnes of magnet metal rare earth oxides which would represent approximately 5% of 2025 projected world demand.
It will be the first major rare earth separation facility to be built in over a decade and the first to be located in a Freeport. Once complete it will establish an independent magnet metal supply chain for the UK and beyond, creating over 100 high value direct jobs and over 500 jobs during construction.