FYI granted mining lease for Cadoux project in Western Australia
The Western Australia Department of Mines, Industry Regulation and Safety granted FYI Resources (ASX: FYI) a mining lease covering its 100%-owned Cadoux high purity alumina HPA project.
The 21-year term lease covers the property’s ore reserve, which is currently subject to a Definitive Feasibility Study, and may be extended to match the project’s current over 50-year resource life.
According to FYI, the state approval provides a major formal step in the company’s structured development of Cadoux as a low environmental impact and sustainable project, soon to advance towards commercial production.
“The granting of the Cadoux mining lease is a crucial milestone for FYI and we are delighted to receive the approval from the state department at this early stage,” FYI managing director, Roland Hill, said in a media statement.
“Along with progressing the company’s HPA DFS, the project management team has worked hard to achieve this significant regulatory and commercial landmark. The approval signifies the accomplishment of a key project approval and demonstrates a further improvement in Cadoux project economics and de-risking of the company’s HPA strategy.”
FYI is working on feasibility and pilot plant production studies supporting a planned production of 8,000 tonnes per year of 4N and 5N HPA using quality aluminous clay from Cadoux.
High purity alumina is a key component in LED, electric vehicle, smartphone