Mkango Resources has entered into a MoU with Metalysis Ltd to jointly research, develop and commercialise novel rare earth metal alloys for use in three-dimensional (3D) printed permanent magnets.
The MoU would combine Mkango's intelligence surrounding the performance characteristics and future global demand outlook for rare earth magnets with Metalysis' disruptive, solid-state process, which can generate high margins from the manufacture of metal powders for markets including 3D printing.
Together, the parties envisaged a comprehensive R&D programme, culminating in the joint pursuit of commercial opportunities.
"One such opportunity includes evaluating the United Kingdom as a future host country for a manufacturing plant to exploit a commercialised technology," said Mkango in a statement.
Rare earth permanent magnets were a critical component of many electric vehicles, as well as other consumer and green technologies.
China dominates the rare earth permanent magnet industry, and with one of the few rare earths projects outside China to have advanced beyond the pre-feasibility stage, Mkango is well-placed to respond to the global demand outlook.