RTTNews | Sep 30, 2021 09:01PM EDT

21:01 Thursday, September 30, 2021 (RTTNews.com) - Alcoa of Australia Limited, a subsidiary of Alcoa Corp. (AA), has executed a binding term sheet with Western Australia-based FYI Resources Ltd (FYI.AX) for development activities to produce high-purity alumina, or HPA, Alcoa said in a statement.

Alcoa of Australia will hold a 65 percent ownership interest in the project, which will have stages of development before potential construction, in 2024, of a full-scale, 8,000 metric-ton-per-year (mtpy) HPA plant.

Alcoa noted that the development activities also set a pathway for a future joint venture for the project, of which Alcoa of Australia would be the manager and both parties would contribute specific intellectual property.

Alcoa of Australia will contribute an initial $5 million, over 2021-2022, to stage one project development activities that will include additional production trials, as well as the detailed design of an estimated 1,000 mtpy demonstration facility.

In stage two, a demonstration facility would be constructed, and detailed engineering undertaken for a full-scale HPA plant that would produce 8,000 mtpy.

Stage three would include the start of construction for the full-scale plant.

The full-scale facility is currently projected to cost approximately $200 million.

Read the original article on RTTNews ( https://www.rttnews.com/3229676/alcoa-executes-binding-term-sheet-with-fyi-resources-to-produce-high-purity-alumina.aspx)

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