Mkango Resources Ltd, Calgary, Canada has announced that it has entered into a Memorandum of Understanding (MOU) with Metalysis Ltd, South Yorkshire, UK to jointly research, develop and commercialise novel rare earth metal alloys for use in magnets.
The MOU will combine Mkango’s knowledge of the performance characteristics and future global demand outlook of rare earth magnets with Metalysis’s solid-state production process, which is reportedly able to generate high margins from the manufacture of metal powders.
“We are very pleased to collaborate with Metalysis. It is a core part of Mkango’s strategy to be at the forefront of research and technology in every step of the rare earths supply chain; positioning the Company as a future low cost, sustainable supplier of rare earths used in electric vehicles and other green technologies, which have entered a new phase of accelerating demand growth. The R&D programme will seek to enhance marketing flexibility, increase future margins and affirm the Company’s competitive positioning,” stated William Dawes, Chief Executive Officer of Mkango.
The research and development programme will culminate in the joint pursuit of commercial opportunities between Metalysis and Mkango, including the evaluation of establishing a manufacturing plant exploiting the commercialised technology in the UK.
Rare earth permanent magnets are a critical component of many electric vehicles, as well as other consumer and green technologies. To date, China has dominated the market for rare earth permanent magnets. With one of the few rare earths projects outside China to have advanced beyond the pre-feasibility stage, Mkango believes that it is well placed to respond to the global demand outlook.