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Iluka Resources, an Australian producer of titanium-bearing ores, will invest about $20 million in exchange for an 18.3% stake in Metalysis, a British start-up company that is developing a new route to titanium metal. In the current Kroll route to the metal, titanium ores are reacted with chlorine and then reduced to produce titanium sponge. The sponge is crushed, melted, and atomized to yield a powder that can be shaped into parts. Metalysis electrolyzes the ore to yield powder directly.
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