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Australian Government Awards FYI National Project Status
2 minute read
FYI Resources Ltd (ASX:FYI; OTCQB: FYIRF; FSE: SDL) has announced that the Australian Government has approved Major Project Status (MPS) for the Company’s innovative high purity alumina (HPA) project in Western Australia.
The MPS award endorses FYI’s project as one of national significance by the Australian Federal Government and potential economic contribution to the country.
Managing Director of FYI, Mr. Roland Hill commented: “We are delighted to receive the formal recognition from the Australian Federal Government for our innovative and fully integrated HPA project.
"The MPS demonstrates the significance of our project. The importance of the status should also assist in providing confidence for international and ESG investors by providing increased assurance in our development pathway.”
The award acknowledges FYI’s innovation and the potential for the HPA project to positively contribute to the economic prosperity of Australia
In approving the MPS to FYI today, the Minister for Industry, Innovation and Science, the Hon. Christian Porter MP, has recognized FYI’s role in the growing battery and energy related minerals industry in Australia through its planned participation and investment in downstream critical minerals processing sector.
The benefits for the Company achieving Major Project Status are:
- a single entry point for Commonwealth Government approvals;
- project support and coordination;
- assistance with state approvals;
- assistance and support with ESG goals;
- potential financing support; and
- provide additional confidence to investors and financiers.
The awarding of the MPS follows on from the awarding of Lead Agency to FYI by the Premier of Western Australia, Mr Mark McGowan, and the WA Department of Jobs, Tourism, Science and Innovation.
The MPS is awarded to developers with projects over $50 million and of strategic significance to Australia.
Most projects have Major Project Status for 3 years, and are typically expected to complete the approvals process within those 3 years.