Aurora Labs Ltd has signed a non-binding term sheet with subsidiaries of Fortescue Metals Group. 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.

David Budge, Managing Director of Aurora Labs, commented: “We’re very excited to sign a preliminary agreement with Fortescue, and pursue the opportunity to apply Aurora’s Rapid Manufacturing Technology to the mining sector. Fortescue are an ideal industry partner for us and they are at the forefront of technological advancements in the mining sector. “We are building our Industry Partner Program with VEEM, DNV-GL, Advisian and Fortescue and it’s great to see some of Australia’s largest companies are keen to explore our technology. We see this as validation of what we are developing and it acknowledges the high potential that 3D printing has in transforming how parts are created and optimised.”

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. Whilst Aurora is optimistic that a more definitive arrangement may be reached, there is no assurance that any legally binding agreement will be entered into or that any matter contemplated by the Term Sheet will be completed.