FYI Resources continues to progress its high purity alumina project amid COVID19 pandemic

FYI Resources Limited has reportedly taken necessary measures to ensure safety and wellbeing of its staff and to preserve shareholder funds during the COVID19 crisis. At the same time, it is maintaining positive progress at its high purity alumina (HPA) project in Western Australia.

As per the report, all non-executive directors of the company have agreed to suspend payment in cash of their director fees, while the managing director has agreed to suspend his salary, with effect from March 1, to save the company's cost.

FYI Resources continues to progress its high purity alumina project amid COVID19 pandemic

Besides, corporate overheads have been reduced and lower priority expenditure, such as non-essential research and development activities, has been curtailed to execute operations seamlessly.

On the other hand, management staff and project contractors have adjusted their work practices following the government regulations for virus containment and social distancing.

Amidst all these, the company’s usual day-to-day operational work is continuing with minimal disruptions. The company is determined to progress the project and build on the recently released definitive feasibility study (DFS) for the HPA project.

The study was released on March 11, mentioning the project’s net present value of US$543 million and an internal rate of return 46 per cent. The engineering design and cost is estimated at US$189 million.

Following the release of the DFS result and the success of pilot plant trials, FYI now has a high level of confidence in the technology, process flowsheet, and self-capability to produce a superior quality HPA product.

FYI Resources continues to progress its high purity alumina project amid COVID19 pandemic

Currently, HPA is experiencing increased demand as there is a high level of market interest in the battery and associated power storage sectors, primarily driven by Lithium-ion battery applications and the rapidly developing Electric Vehicle (EV) market.

In 2018, the global HPA market was valued at US$1.1 bullion, which in 2026 is projected to reach US$5.1 billion at a compound annual growth rate of 21.7 per cent.

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