FYI Resources Ltd (ASX:FYI, OTCQX:FYIRF) has conditionally been awarded an A$3 million grant from the Western Australian Government’s Investment Attraction Fund (IAF), which will accelerate the development of its innovative high purity alumina (HPA) project.
The grant recognises the importance of FYI’s project to the state of WA and will support the continued development of the company’s strategy to become a supplier of high-quality HPA.
This strategy encompasses a small-scale production and demonstration plant (SSP) for the refining of HPA at Kwinana in Western Australia to deliver HPA for qualification by targeted end-users.
The plant, which is part of a phased and scalable development pathway to the commercialisation of HPA production, boasts a purity level of more than 99.99% aluminium oxide,
Advanced and innovative technologies
FYI managing director Roland Hill said: “We are very pleased to receive selection confirmation for funding by the Western Australian Government under the IAF scheme.
“The grant will allow us to continue the development of the HPA project and the advanced and innovative technologies.
“FYI has demonstrated the technical viability of the HPA project and is now setting about demonstrating its commercial potential.
“FYI is at a crucial step in positioning as a sustainable, integrated HPA producer and the IAF funding will contribute significantly to accelerate the project development."
Funding details
On the execution of a Financial Assistance Agreement with the State, the awarded grant funding will become available upon completion and substantiation of project milestones, which are yet to be determined and agreed.
The company will be required to match any grant funding from the IAF.
Innovative approach
IAF grant funding is awarded to selected groups that demonstrate an innovative approach to further industry investment, the capability to stimulate jobs and economic diversity, drive commercialisation outcomes and invest in new industry engagement opportunities and markets.
Western Australia Premier Roger Cook said: "My government is committed to securing the State's economic prosperity now and for generations of Western Australians to come.
“Through the Investment Attraction Fund, we're driving a strong and diversified economy that delivers secure, quality jobs for the future.
“We're building on WA's economic strengths and embracing new and innovative industries – positioning our State at the forefront of the global energy transition.
"We're backing local companies to manufacture here in WA, to value-add, and to take on the world in developing high-tech products for the future.