FYI Resources Ltd (ASX:FYI) has already begun stage two engineering development for its high purity alumina (HPA) project, having just signed-off on stage one of the joint development with project partner Alcoa (NYSE:AA) of Australia Limited.
FYI says this sign-off milestone demonstrates the continued commitment of both parties to the project and its development and confirms budget allocations for stage two scope of works, for the continued de-risking and demonstration plant development.
Stage two engineering development for the project has already begun.
“Milestone achievement”
“The completion of the first stage of the HPA demonstration facility development under the joint development with Alcoa (NYSE:AA) is significant in the context of the project,” FYI managing director Roland Hill said.
“This milestone achievement not only signifies the completion of the first workstreams but demonstrates the joint commitment to progressing the project by advancing the stage two workstreams.
“Pleasingly, we are one step closer to our joint production objective by strictly following the defined development schedule of project de-risking, optimisation, and value improvement.”
FYI has been focused on the development of a fully integrated process flowsheet and engineering design to efficiently and cost-effectively produce HPA.
The company entered a joint development partnership with Alcoa (NYSE:AA) to bring the HPA project to commercialisation, wherein Alcoa will earn-in to the project by providing up to 97% of the project development expenditure finance.
HPA is an important battery mineral derived from aluminium or – more recently – kaolin for the production of batteries and LED applications, considered a critical mineral by the Australian government within the Critical Minerals Strategy.