FYI Secures A$80m Financing; Delivers Robust DFS for HPA Strategy and Upgrades Cadoux Reserves
(firmenpresse) - Highlights
- FYI secures A$80m strategic project development equity financing facility for HPA project
- FYI developing innovative Integrated HPA project to produce 8,000 tpa
- Outstanding DFS outcome - results within 5% of PFS key metrics
- HPA strategy delivering into strong market fundamentals
- Project designed to meet demand growth of ~ 17% CAGR
- Initial mine life of more than 50 years / DFS is modelled on 25 years project life
- Conventional technology and equipment selection
- DFS demonstrates projects outstanding financial metrics
- Forecast after-tax results:
o NPV ((at)10%) of US$543m
o IRR 46%
o Project payback of 3.6 years
- Total operating cash cost of US$6,217 per tonne HPA produced
- Competitively positioned project capex of US$189m or US$23,575/t installed capacity
- Pilot plant demonstrates FYIs excellent HPA purity and quality specification
- FYIs HPA project is fully integrated and guaranteed provenance of ethical, responsible and sustainable product production
- Equity financing facility of A$80m significantly reduces project risk
The Board of FYI Limited (FYI or Company) (ASX: FYI) is pleased to provide the results from its Definitive Feasibility Study (DFS) and announce a supporting major equity funding facility for the Companys integrated Cadoux kaolin and Kwinana high purity alumina (HPA) project in Western Australia, including associated updated Cadoux kaolin Ore Reserve.
Introduction
FYI has the corporate objective of becoming one of the worlds leading producers of HPA via the development of a fully integrated business model addressing the growing global demand for this high specification and diverse application product.
The DFS reconfirms FYIs 2018 Project Pre-Feasibility Study (PFS) results (please refer to ASX announcement 25th September 2018) and demonstrates the quality of the Companys HPA strategy through excellent economic metrics. The DFS outlines the clear pathway forward to developing an integrated HPA business in a favourable operating jurisdiction such as Western Australia.
FYI has arranged an A$80m equity financing facility to progress the Companys HPA development strategy. The equity will provide critical funding for the substantive development stages leading up to, and including, construction through to operation. The funding is a key catalyst for the Companys development objectives and significantly de-risks the project. The funding will also assist in the final investment decision (FID) for the project from FYIs Board.
Complementing the DFS, a revised Mineral Resource Estimate (MRE) for the Cadoux Kaolin Project (Project) for Proven and Probable reserves has been calculated, upon which the study was based. The single source, fully integrated and environmentally low impact kaolin derived feedstock supports the long-life project and was the basis for the metallurgical test work, process design and engineering undertaken over the DFS review period (including pre-feasibility, locked cycle testwork and pilot plant studies).
Click here to view the full ASX announcement:
https://www.asx.com.au/asxpdf/20200311/pdf/44fxr4tb5pqhlj.pdf
For more information please contact:
Roland Hill
Managing Director
roland.hill(at)fyiresources.com.au
Tel: 0414 666 178
Simon Hinsley
Investor & Media Relations
Tel: 0401 809 653
simon(at)nwrcommunications.com.au
About FYI Resources Limited
FYIs is positioning itself to be a significant producer of high purity alumina (4N or HPA) in the rapidly developing LED, electric vehicle, smartphone and television screen as well as other associated high-tech product markets.
The foundation of FYIs HPA strategy is the superior quality aluminous clay (kaolin) deposit at Cadoux and positive response that the feedstock has to the Companys innovative and integrated processing flowsheet utilising uncomplicated moderate temperature and atmospheric pressure technologies. The strategys quality attributes combine resulting in world class HPA project potential.
FYI is progressing positively with its Definitive Feasibility Studies and pilot plant production studies supporting a planned production of 8,000 tonnes per year of 4N and 5N HPA.
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Datum: 11.03.2020 - 04:48 Uhr
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