Aurora Labs Limited (“Aurora” or “the Company”) (ASX: A3D), is pleased to announce that it has signed a non-binding term sheet with subsidiaries of Fortescue Metals Group (“Fortescue”). Fortescue is an ASX listed company and a global leader in the iron-ore industry, with integrated operations across three mines sites in the Pilbara region of Western Australia.
The non-binding agreement comprises an Industry Partner Program, which involves the opportunity for Aurora to work directly with Fortescue on the Company’s 3D printing technology to demonstrate the potential for application of Aurora’s Rapid Manufacturing Technology (RMT) in the mining industry. The venture could progress to Aurora potentially developing technology or processes that may reduce production and operation costs in the mining and resources sectors.
The terms of the non-binding term sheet between Aurora and Fortescue are for an initial 12 months and may be extended by mutual agreement.