FYI Resources Limited enters into agreement with Alcoa Australia for high purity alumina JV negotiations

FYI Resources Limited has signed deal with Alcoa Australia Limited for detailed negotiation for a possible high purity alumina (HPA) project joint venture.

During the 90-day exclusivity period that started on 5th May 2021, both the companies will carry out further due diligence to establish the technical and commercial viability of establishing a joint venture for the future development and commercialisation of HPA project.

Managing Director of FYI, Mr Roland Hill commented: “I am extremely pleased we have progressed the HPA MoU to a period of exclusive discussions with Alcoa, under which we will negotiate towards a potential JV for FYI’s HPA project.

In September 2020, FYI entered into a MoU with Alcoa for possible joint development of FYI’s HPA project.

“We believe there is a highly complementary fit between the corporate objectives, cultures and operational expertise of FYI and Alcoa. Any commercial agreement would also seek to leverage the corporate capabilities of Alcoa, who are globally recognised as a leading producer of alumina, and FYI who have developed and demonstrated an innovative, fully integrated and environmentally conscious HPA refining process.

 “We view Alcoa as an ideal partner in which to assist us achieve our goal of developing the HPA project into a major world-class asset to produce and supply high quality, ultra-pure HPA to meet the increasing global requirements for HPA market related applications.”