Alcoa (NYSE: AA) announced today that its subsidiary Alcoa of Australia Limited (AoA) has terminated a joint development project with FYI Resources Ltd (ASX: FYI) for high-purity alumina (HPA).
Alcoa announced in 2021 that AoA had executed a binding term sheet with Western Australia-based FYI Resources for development activities to produce HPA, which is used to manufacture materials such as synthetic sapphires used in LED lighting and other various applications.
“While our work with FYI has demonstrated the merit of the process to produce high purity alumina, Alcoa has decided not to pursue a development pathway with FYI at this time,” said Renato Bacchi, Executive Vice President and Chief Strategy & Innovation Officer. “We thank the FYI team for their collaboration and the successful pilot trials completed during the first phase of the project.”
The project had three phases, and AoA contributed approximately $5 million (USD) for stage one development activities. With the termination of the joint development project, the final two stages will not progress.
Alcoa retains joint access to intellectual property (IP), data and other certain assets related to the project.
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