FYI Resources (ASX: FYI) has announced, subject to entering a financial assistance agreement with the state, it will receive a grant of up to A$3M from the Western Australian Government to progress the development of the company’s innovative high purity alumina (HPA) project.
The grant funding has been allocated under the WA Government’s Investment Attraction Fund (IAF). The grant is awarded to selected groups that demonstrate an innovative approach to further industry investment, the capability to stimulate jobs and economic diversity, drive commercialization outcomes and invest in new industry engagement opportunities and markets.
The grant will support the continued development of FYI’s small-scale production and demonstration plant for the refining of high quality HPA (>99.99% Al2O3) via the company’s innovative flowsheet design.
On execution of a financial assistance agreement with the state, the awarded grant funding will become available upon completion and substantiation of project milestones which are yet to be determined and agreed. The company will be required to match any grant funding from the IAF.
FYI will provide details of the material terms and payment structure following execution of the agreement.
Roger Cook: “My government is committed to securing the state’s economic prosperity now, and for generations of Western Australians to come. Through the IAF, we’re driving a strong and diversified economy that delivers secure, quality jobs for the future. We’re building on WA’s economic strengths and embracing new and innovative industries – positioning our State at the forefront of the global energy transition. We’re backing local companies to manufacture here in WA, to value-add, and to take on the world in developing high-tech products for the future.”
To find out more, please visit www.fyiresources.com.au
