FYI Resources’ high purity alumina project awarded national Major Project Status

FYI Resources Ltd’s (ASX:FYI) (OTCMKTS:FYIRF) (FRA:SDL) $269 million high purity alumina (HPA) project has secured Major Project Status and been endorsed as a project of national significance by the Australian Federal Government. Major Project Status helps companies access extra support, coordination and information services from the Major Projects Facilitation Agency, which acts as a single entry point into the Australian Government regulatory approvals pathway. The award also opens doors to prospective financing support and provides additional confidence for stakeholders and financers who are invested in the HPA play’s development. Minister for Industry, Science and Technology, Christian Porter, approved the WA-based HPA asset’s Major Project Status designation. Investors responded positively to today’s award, with FYI shares trading 7.7% higher at 55.5 cents just before market close on Tuesday. Award demonstrates project’s significance Speaking to the recognition, FYI Resources managing director Roland Hill said: “We are delighted to receive the formal recognition from the Australian Federal Government for our innovative and fully integrated HPA project. “The MPS demonstrates the significance of our project. The importance of the status should also assist in providing confidence for international and ESG investors by providing increased assurance in our development pathway”. Government highlights potential This isn’t the first time FYI’s work has garnered government attention: in September 2019, WA Premier Mark McGowan and the WA Department of Jobs, Tourism, Science and Innovation awarded the company Lead Agency status. FYI’s ultimate goal is to become a producer of 4N and 5N high purity alumina to service the rapidly developing high-tech product markets. A versatile material, high purity alumina is sought after for its superior properties and unique qualities. It is corrosion and scratch resistant, has high brightness, has the ability to withstand extreme temperatures and is used in the production of lithium-ion batteries. Commenting in an official media release, Minister Porter said the High-Purity Alumina project is expected to support 200 people during construction and 140 ongoing staff over the life of the project. “The project will use an innovative process for producing the high-purity alumina which is expected to have a lower environmental footprint than the traditional production. “Not only will it improve global supplies of alumina, with forecast export revenue of $6.8 billion, but the project will also provide a raft of economic and job benefits for regional communities in Western Australia.” Minister for Resources, Water and Northern Australia, Keith Pitt, said the project complements the Government’s Critical Minerals Strategy. “The project will process up to 198,000 tonnes of high-purity alumina within the initial 25-year project timeframe, with an annual production capacity of 8,000 tonnes per annum, and will supply directly to China, Japan, South Korea, Taiwan, Europe, and North America. “In addition, it supports Australia’s policy to have more downstream processing capabilities developed locally."