Pioneers to develop electric car parts
TWO companies have joined forces to develop components for electric cars in a deal that could put Britain at the forefront of the ballooning industry.
AIM-listed Mkango Resources is working with Rotherham-based Metalysis, a spin-off from Cambridge University, to produce a high-tech alloy used in magnets for electric cars and other green technologies.
Mkango mines the rare earth mineral neodymium in Malawi while Metalysis has patented technology to produce the alloy using neodymium, iron and boron.
Electric cars are expected to make up about 8pc of cars on the roads globally by 2035.
Mkango climbed 14.3pc, or 0.5p, to 4p.