FYI Resources (ASX: FYI), along with its joint development partner Alcoa, has taken a step ahead towards their high purity alumina (HPA) production endeavours.
The partners have decided to base their small-scale high purity alumina (HPA) production and demonstration facility near Kwinana in Western Australia. They have started permitting and environmental approvals process on the identified site.
Triggered by the update, shares of FYI gained over 6% to trade at AU$0.170 on 25 January 2023.
FYI is advancing its HPA project in collaboration with Alcoa of Australia. Some other major activities highlighted by the company are as follows:
HPA small-scale production /demonstration plant workstreams make headway
Design Engineering: The project designs for the small-scale production and demonstration facility have been finalised. It is under review by the joint development partners. The final design provides the blueprint for the facilities’ development.
Long Lead Equipment Procurement: They have started a review of equipment options before placing orders on long lead capital items.
Technology development: The JDP partners have continued developing and optimising several aspects of the process design. These studies include material handling, enhancements in the process materials of construction, scaling up for commercial production and environmental and waste recycling and disposal. It will help in the evaluation and improvement of performance, efficiencies, economics, and product quality.
Major developments support HPA project progress
Several corporate aspects of the JDP are progressing in support of the project development.
Final Investment Decision (FID) Stage Two Development: The JDP parties are working towards completing the project development and delivering FID as soon as possible. This includes completing the huge corporate, legal, and technical engineering signoffs and a broad marketing strategy which is currently being finalised.
Joint Venture Agreement Documentation: The project’s future operating model and framework are set to be controlled through an unincorporated joint venture (UJV) that would be established upon FID. The UJV will be formalised through a series of deals under an umbrella joint venture agreement. These documents are being refined in preparation for incorporation into the FID.
Product marketing and development: On the product marketing and development front, the partners are working towards customer outreach and are targeting specific market segments for HPA offtake. Further, the JDP has commissioned a broad third-party marketing research review on the HPA industry to offer independent and targeted analysis of the various industry and geographic areas of interest.
The JDP is also exploring wide product ranges and finishes for multiple client requirements. This is not so important for the project development of core HPA, but the test work and product optimisation offer more opportunities for higher sales channels and customer support, highlights the company.
According to FYI Resources, the completion of this work has set a strong technical and commercial basis for the HPA project. Moreover, the developments provide the structure for the 2023 workflow for the small-scale production and demonstration facility.
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