According to a recent report, FYI Resources (FYI) and Alcoa Australia have extended their exclusive agreement period for possible high purity alumina (HPA) joint venture. The companies started correspondence with each other over the potential partnership in May. Within three months’ time, due diligence has been completed and substantial progress has been made with negotiations on the key terms and structure of the possible joint venture.
FYI sees this JV highly potential to be turned into a material global HPA business in the high-tech energy materials sector.
FYI and Alcoa have mutually decided to extend the agreement for another month as they continue to assess broader development and future growth options for the project. Both the companies believe the short extension is essential to complete the remaining work as well for facilitating the completion of negotiations and drafting of a binding term sheet.
FYI Managing Director Roland Hill said the company's commitment to successfully negotiating a binding agreement was unwavering.
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