On February 21, 2022, Alcoa announced that its subsidiary Alcoa of Australia Limited (AoA) had terminated a collaborative development project with FYI Resources Ltd for high-purity alumina (HPA).
The global leader in the aluminium sector with a vision to reinvent the industry for a sustainable future, Alcoa announced in 2021 that AoA had executed a binding term sheet with Western Australia-based FYI Resources for development activities to produce HPA, which is used to manufacture materials such as synthetic sapphires used in LED lighting and other various applications.
Renato Bacchi, the Executive Vice President and Chief Strategy & Innovation Officer, said, "While our work with FYI has demonstrated the merit of the process to produce high-purity alumina, Alcoa has decided not to pursue a development pathway with FYI at this time."
"We thank the FYI team for their collaboration and the successful pilot trials completed during the project's first phase."
The project was divided into three phases, with AoA contributing about USD$5 million for stage one development activities. The final two stages will not advance due to the joint development project's cancellation.
Alcoa continues to share access to the project's data, intellectual property (IP), and other specific assets.
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