FYI Resources’ (ASX:FYI) High-Purity Alumina project conferred with National Major Project Status by Federal Australian Government

Summary 

• FYI Resources' High-Purity Alumina (HPA) project has been endorsed as a project of national significance by the Australian Government.
• The award provides formal recognition of FYI's innovative and unique technology to process HPA.
• The project is expected to create ample job opportunities and economic benefits for the regional communities in Western Australia.

In an upbeat market update, FYI Resources Limited (ASX: FYI, OTCQB: FYIRF, FSE: SDL) announced that the company’s unique and innovative US$269-million High-Purity Alumina (HPA) Project in Kwinana, Western Australia, has been granted Major Project Status (MPS) and recognised as a project of national significance by the Australian Federal Government.

Currently, FYI is developing a vertically integrated high-quality and high-purity alumina for various high-growth tech applications. The project includes developing, mining, and processing high-quality Cadoux aluminous clays to produce HPA for exports. Interestingly, HPA is a processed form of non-metallurgical alumina product, which is characterised by its purity levels, i.e., 99.99% (4N) and 99.999% (5N).

Good read: FYI Resources (ASX:FYI) Joint HPA Pilot Plant Trial Samples Achieve 99.9986% Al2O3 Purity

WA HPA Project - A project of national significance

FYI’s HPA project has been recognised as a project of national importance and conferred with Major Project Status by the Australian Government for its potential to contribute towards the country’s economy. The project will not only improve the global HPA supply, allowing the Company to become a major participant in the HPA market, but it will also create job opportunities and economic benefits for the regional communities.

Additionally, the project is intended to use innovative practices for HPA production, which is expected to have a lower carbon/environmental footprint than the conventional production process.

Minister for Industry, Science and Technology, Christian Porter, said that the HPA project was anticipated to support 200 people during the construction and 140 ongoing staff over the life of the project.

Interesting Read: FYI Resources Grab Headlines, as HPA Project NPV Surpasses USD 1 Billion

On the approval of MPS to FYI, Christian Porter, MP, the Minister for Industry, Innovation and Science, has also recognised the Company's role in the rising battery and energy mineral industry in the country through planned investment in the downstream critical minerals processing sector.

Benefits of Major Project Status

Fascinatingly, there are various benefits of getting an MPS status. The MPS helps organisations get extra support, coordination, and information services from the Major Projects Facilitation Agency, which is the single-entry point in the Australian regulatory approvals.

The award of MPS to FYI’s HPA project would support the project's overall development, which is well backed by outstanding economic metrics based on the most recent definitive feasibility study.

Also Read: FYI Resources Limited (ASX:FYI) in fine fettle to cash in on HPA market boom

Here are few major benefits of the Company achieving Major Project Status are:

FYI stocks last traded at AU$0.555, up 7.77% as of 29 June 2021 at 2:22 PM AEST.