Pi­o­neers to de­velop elec­tric car parts

Daily Mail - - City & Finance -

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.

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