“We view Alcoa as an ideal partner in which to assist us to achieve our goal of developing the HPA project into a major world-class asset to produce and supply high quality, ultra-pure HPA,” says MD.
() (OTCMKTS:FYIRF) (FRA:SDL) has entered an exclusivity agreement with Australia Limited which will see the parties undertake detailed negotiations for a possible high purity alumina (HPA) project joint venture.
During a 90-day exclusivity period that started on May 5, the parties will undertake further due diligence to establish the technical and commercial viability of establishing a JV for the future development and commercialisation of FYI’s HPA project.
This is in line with a Memorandum of Understanding (MoU) initiated by the two parties in September 2020.
Managing director Roland Hill said: “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.
“We believe there is a highly complementary fit between the corporate objectives, cultures and operational expertise of FYI and Alcoa.”
Hill said: “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.