FYI Resources has received an initial payment of $300,000 advanced against its expected 2019 R&D tax rebate as previously announced on 14 February 2019.
Funding will be directed towards the development of the pilot plant for the project, which materially progresses the company’s high purity alumina (HPA) strategy of a fully integrated, low-risk, low-cost production of high purity 4N (99.99 per cent) and 5N (99.999 per cent) alumina products.
FYI Resources Managing Director, Roland Hill, said the funding allowed FYI Resources achieve a crucial step in the support of the company’s long-term HPA strategy.
“The development of the pilot plant and HPA product development will greatly assist product market development with end users and technical reviews. The pilot plant will also provide excellent operating parameters for the production process,” said Mr Hill.
The company’s bankable feasibility testwork and economic review, including the pilot plant development, continues to advance as planned. The technical advances achieved by the development team is considered to be highly encouraging, demonstrated in terms of the efficiency of the flowsheet as demonstrated in the achievement of the 5N purity.
This technical accomplishment underlines the importance of rigorous and continuous pilot plant testwork in the development of the HPA flowsheet design given the extremely high level of purity being targeted. The pilot plant project will significantly de-risk complex technical challenges ahead of commercial production and is consistent with the Company’s strategy of delivering a low-risk, high margin project.