- FYI Resources (FYI) could potentially create a joint development with a leading alumina producer, Alcoa of Australia
- The companies have signed a memorandum of understanding (MoU) to advance FYI’s high purity alumina development
- The MoU will allow the companies to explore and develop technical capabilities and capacities in alumina production
- However, to progress the joint venture, the pilot plant variability trials will need to be successful
- On the market today, FYI is up 13 per cent and is trading for 13 cents per share
FYI Resources (FYI) has signed a memorandum of understanding (MoU) with leading alumina producer, Alcoa of Australia, to advance high purity alumina (HPA) development.
This agreement could potentially lead to joint development of FYI’s HPA refining project for commercialisation and an establishment of offtake customers into HPA markets. However, to progress the joint venture, the pilot plant variability trials will need to be successful.
Currently, FYI is developing an innovative process for the production of high quality and high purity alumina.
The MoU will allow both companies to explore and develop the technical capabilities and capacities in alumina production.
FYI Managing Director, Roland Hill, is pleased to have the opportunity to potentially partner with Alcoa.
“They will join us in co-developing the HPA process flowsheet and refining technologies, and commercialising the HPA business model as outlined in our
recently published definitive feasibility study (DFS),” he said.
“This represents a significant step forward in our project development and is consistent with our broader development objective of attracting globally significant and strategic bluechip partners to work alongside FYI in commercialising our HPA,” he added.
On the market this morning, FYI is up 13 per cent and is trading for 13 cents per share at 10:05 am AEST.