PRESS RELEASE: The agreement comprises an industry partner programme, which involves the opportunity for Aurora to work directly with Fortescue on its 3-D printing technology to demonstrate the potential for application of Aurora's Rapid Manufacturing Technology (RMT) in the mining industry.
The programme could possibly lead to Aurora 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 programme 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 3-D 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.