LONDON July 19 -- British technology company Metalysis is in talks with potential partners over a 70 million pound ($107.4 million) plan to build the world's first low-cost titanium plant, the Financial Times said on Monday.
"Assuming our plans work out, we could reduce the price of titanium by at least half, from $35,000 a tonne to about $15,000 a tonne," Metalysis' chief executive, Mark Bertolini, was quoted as saying by the paper.
The company has discussed funding with collaborators including Rolls-Royce (RR.L: Quote) and Boeing (BA.N: Quote) and the U.S aluminium producer Alcoa (AA.N: Quote), the paper said.
"This is a very interesting development that a lot of people from around the world are getting excited about," the FT quoted a banker close to the talks as saying.
The development could lead to a series of new applications for titanium in fields from car exhausts to golf clubs, the FT said, adding that a pilot plant should be ready by the end of the year.
The company was not immediately available for comment. ($1=.6519 POUND) (Reporting by Karolina Tagaris; editing by Himani Sarkar)