Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
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
