A $189M new high purity alumina (HPA) plant will be established in Kwinana, WA, by FYI Resources, with about 30pc of the financing secured from a European private fund.
Luxembourg’s GEM Global Yield, a US$3.4b alternative investment group, will be financing $80m or about 30pc of the cost to build the proposed Kwinana plant.
First production of HPA is targeted in the second quarter of 2022, with the company aiming to produce up to 8000tpa.
FYI Resources managing director Roland Hill says the company is pleased to secure significant equity funding, which will de-risk the project by providing funding access at critical development stages.
“Our definitive feasibility study outcome was outstanding, with results within five pc of our pre-feasibility study key metrics,” he said.
“We have also revised the reserve estimate at Cadoux, that covers the entire project life of 25 years, and will provide the company with a reliable, single source of feedstock for this duration.”
GEM was founded in 1991 and manages a diverse set of investment vehicles focused on emerging markets across the world, with 370 transactions completed in more than 70 countries.
