The Western Australian Department of Mines, Industry Regulation and Safety has granted FYI Resources a mining lease covering the Company’s 100 per cent owned Cadoux high-purity alumina (HPA) project.
The 21-year mining lease provides a major formal step in the Company’s structured development of the HPA project, allowing FYI to progress the Cadoux site-based activities and future phases of project development of the low environmental impact and sustainable project as it advances towards proposed commercial production.
The approval covers the Cadoux ore reserve, which is currently subject to a DFS. The lease may be extended to match the project’s current >50-year resource life.
FYI will now progress to the next stage of development by focusing on the mining proposal in preparation for the planned production activities.
FYI Managing Director, Roland Hill, said the granting of the Cadoux Mining Lease was a crucial milestone for FYI.
“We are delighted to receive the approval from the State department at this early stage,” said Mr Hill.
“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.”