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FYI Resources Ltd obtains mining lease as part of Cadoux HPA project development

The company can extend the 21-year lease as it works towards proposed commercial production.

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FYI shares were up 4% to 5.2 cents each in early morning trade

FYI Resources Ltd (ASX:FYI) has been granted a mining lease covering its 100%-owned Cadoux high purity alumina (HPA) project by the WA Department of Mines, Industry Regulation and Safety.

The approval is a major formal step in the company’s development of Cadoux and allows FYI to progress site-based activities and future phases of project development.

 

FYI managing director Roland Hill said the granting of the Cadoux mining lease was a crucial milestone for FYI and that the company was delighted to receive approval at an early stage.

He added: “Along with progressing the company’s HPA definitive feasibility study, the project management team has worked hard to achieve this significant regulatory and commercial landmark.

“The approval signifies the accomplishment of a key project approval and demonstrates a further improvement in Cadoux project economics and de-risking of the company’s HPA strategy.”

READ: FYI Resources’ $250,000 R&D tax rebate to fund HPA pilot plant development

The mining lease covers the Cadoux ore reserve which is currently subject to a DFS and may be extended from it’s initial 21-year term to match the project’s 50-plus year mine life.

FYI aims to advance the next stage of development by focusing on the mining proposal in preparation for the planned production activities.

READ: FYI Resources nearing completion of construction of HPA pilot plant

High purity alumina is used in rapidly developing LED, electric vehicle, smartphone and television screen and other associated high-tech product markets.

The company’s HPA strategy is based around the superior quality aluminous clay (or kaolin) deposit at Cadoux, combined with the positive response Cadoux feedstock has to FYI’s moderate temperature atmospheric pressure HCl flowsheet.

Cadoux’s DFS is ongoing and progressing positively along with the pilot plant production studies, which support a planned production of 8,000 tonnes a year of 4N and 5N HPA.

Quick facts: FYI Resources Ltd

Price: 0.06 AUD

ASX:FYI
Market: ASX
Market Cap: $12.77 m
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Full interview: FYI Resources DFS highlights low capital and operating costs...

FYI Resources Ltd (ASX:FYI) Roland Hill updates Proactive on the results of a definitive feasibility study that outlines a clear path forward to developing an integrated HPA business incorporating Cadoux Kaolin Project and Kwinana High-Purity Alumina (HPA) Project in WA.  Hill said the...

on 13/3/20

2 min read