According to FYI, both parties are working toward bringing the proposed HPA facility on line as soon as possible. Project designs for the small-scale production and demonstration facility have been completed and are currently being reviewed by the joint development partners. The final design will serve as a blueprint for facility development. However, the specifications of the small-scale production facility still needed to be revised, which has delayed the final investment decision for the time being.
The parties agree that the future operating model and structure of the project will be governed by an unincorporated joint venture (UJV). This joint venture is to be established upon completion of the Project. The UJV will be formalized in a Joint Venture Framework Agreement. The relevant documents are currently being prepared.
FYI and Alcoa are targeting specific market segments for HPA. These include sapphire glass, LEDs/micro-LEDs and electric vehicles (battery components), as well as other niche market opportunities that are emerging as HPA becomes an increasingly important and sought-after product in the critical minerals sector. The partners commissioned a comprehensive market study of the HPA industry from a third party to provide an independent and focused analysis of the various industries and geographies.
The bottom line is that FYI Resources and Alcoa intend to turn their technical advantage in processing kaolin into high-purity alumina into a lasting market leadership. With this goal in mind, the partners are sparing no planning effort. Since the start of the collaboration more than a year ago, the complexity of the project has grown at all levels, with a team of more than 30 people working through the tasks. Important preliminary decisions, such as the selection of the site, have already been made. The approval procedures are underway. The direction is set. FYI shareholders are now eagerly awaiting the final investment decision.
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