Tees Valley has beaten off competition from over 25 countries to be selected as the location for a new £70m Rare Earth Refinery.

The refinery will create 100 new jobs when production starts in 2019. Australian company Peak Resources said Tees Valley was the preferred location as it offers ‘access to global shipping, cheap and reliable bulk reagent supplies, a skilled labour force, readily available power and water’.

Peak Resources also said the devaluation of the pound following Brexit would bring down the operating costs.

Councillor Sue Jeffrey, leader of Redcar and Cleveland Borough Council and member of Tees Valley Combined Authority, said:

“Its great that our area has been recognised as a preferred location by a company from the other side of the world, signalling a very clear indication of our global reputation for successful manufacturing.”