FYI Resources moves on rare earths processing

Critical minerals developer FYI Resources has moved into the rare earths processing business with the execution of an agreement for the staged acquisition of Minhub Operations Pty Ltd (MOPL).

MOPL plans to provide rare earths processing solutions to suppliers of rare earths rich mineral sands via offtake of concentrates, including from the Gippsland and Murray basins.

MOPL and Arafura Rare Earths have also signed a non-binding cooperation agreement to investigate the joint development of a Minhub Mineral Sands Processing facility in Darwin in the Northern Territory.

The facility plans to process third-party mineral sands products such as zircon and ilmenite.

Arafura has the first right of offtake for the neodymium (Nd) and praseodymium rich monzanite and xenotime concentrates from the Minhub project.

FYI’s core business has been developing a high purity alumina (HPA) demonstration plant in Western Australia.

FYI Managing Director Roland Hill said: “While we continue to advance and de-risk our core high purity alumina project, the planned acquisition of MOPL will create a great opportunity to be part of a unique integrated rare earth production strategy with Arafura that complements our production intentions as well as assisting Australia’s sovereign supply objectives for critical minerals.”

Rare earths are critical to the manufacture of high technology products such as electric motors, touch screens and computer hard drives.

Hill said the project would move into the feasibility study phase to be completed in early 2024.

“Through working with Arafura, we aim to deliver a reliable and consistent supply chain for rare earths, from Australian mineral sands producers to end users such as wind turbine and electric vehicle manufacturers, enabling them to provide ethically sound options to their customers.”

Further reading:
Browse @AuManufacturing’s coverage of FYI Resources here.

Image: FYI Resources