FYI Resources Ltd (ASX:FYI) has joined the United Nations Global Compact after its application to join the United Nations Global Compact in Australia (UNGC) was accepted.
This move highlights FYI’s commitment to implement universal sustainability principles and UN goals via its critical minerals project development.
The company believes the UN sustainability principles align strongly with FYI's innovative low-carbon HPA production ambitions.
Joining a major network
FYI joins a network of more than 16,000 businesses from more than 60 countries in sharing best practices and emerging solutions for continued global ESG improvements.
The company will subscribe to adopting the UN SDG goals as its ESG framework. FYI sees this as central to its commitment to a sustainable future.
“FYI is proud to be a member of the UNGC and support their sustainability goals," FYI managing director Roland Hill said.
"Our innovative low-carbon HPA project demonstrates not only outstanding project investment metrics but equally provides a strong sustainable environmental, social and governance advantage over current HPA production leading to improved ESG future.”
For more information on UNGC visit: www.unglobalcompact.org
About FYI
FYI has developed an innovative process design for the integrated production of high quality, high purity alumina (HPA) predominantly for electric vehicles (lithium-ion batteries), sapphire glass (LED) and other broader tech applications.
The company is positioning itself to be a significant producer of 4N and 5N HPA in the rapidly developing high-tech product markets and in doing so applies an ESG and economic overlay of FYI and its operations to ensure long-term sustainable and shareholder value is created via the development of its, high quality, ultra-pure HPA project.
HPA is increasingly becoming the primary sought-after input material for certain high-tech products principally for its unique properties, characteristics and chemical properties that address those applications' high specification requirements such as LEDs and other sapphire glass products.
The longer-term driver for HPA, with forecasts of >17% year-on-year growth (GAGR), is the outlook for the burgeoning electric vehicle and static energy storage markets where the primary function is in the use as a separator material between the anode and cathode in batteries to increase power, functionality and safety of the battery cells.
The foundation of the HPA strategy is FYI’s moderate temperature, atmospheric pressure innovative process flowsheet. The strategy’s quality attributes combine resulting in world-class HPA project potential.