Sheffield Resources Limited
Sheffield Resources Limited
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Agreement on a non-binding term sheet for a $US110M loan facility has moved 50-50 Kimberley Mineral Sands JV partners Sheffield Resources and Yansteel close to financial close on development of the Thunderbird mineral sands project in the West Australian Kimberley region.
Completion of the Orion Resources Partners facility will finalise the third-party financing requirements for the planned $A361M direct capital cost for stage 1 of the 1.4Mtpa, 36-year project.
Sheffield Resources and 50-50 partner Yansteel have had confirmation of an investment decision for up to $A160M by the Northern Australia Infrastructure Facility for their Thunderbird mineral sands project on WA’s Dampier Peninsula.
The NAIF loan is a key part of about $300-350M project funding to be secured for the revised forecast $361M direct capital cost of Stage 1 of the 1.4Mtpa, 36-year project on the Dampier Peninsula in the WA Kimberley region.
Confirmation of up to $160M in financial assistance from the Northern Australia Infrastructure Facility supports plans by Sheffield Resources and 50-50 joint venture partner Yansteel to finalise project funding in the September quarter for development of the Thunderbird mineral sands project on WA’s Dampier Peninsula. John Feary reports
GR Engineering will begin limited work immediately after being awarded the $A179.5M EPC contract for the Thunderbird mineral sands project between Broome and Derby in Western Australia.
Kimberley Mineral Sands, a 50-50 JV of Sheffield Resources and Tangshan Yanshan, is expected to reach its final investment decision in mid-2022 on development of the 83Mt (754Mt @ 11% HM) heavy mineral reserve, allowing 18 months for project delivery.
Australian mineral sands developer Sheffield Resources has outlined lower capital costs and improved margins in a new bankable feasibility study for its 50%-owned Thunderbird project on the Dampier Peninsula in WA.
The detailed review by Kimberley Mineral Sands, the 50-50 JV between Sheffield and Chinese steelmaker Tangshan Yanshan, reduces forecast stage 1 capital cost to $A361M from $392M in the project’s 2019 BFS update while lifting LOM revenue to $16.8M ($15.1M) against operating costs of $7.7B ($7.2B).
The $A12M sale of its 100%-owned McCalls project in the North Perth Basin to Image Resources has strengthened West Australian mineral sands developer Sheffield Resources’ balance sheet as it finalises financing and heads into the execution phase for the Thunderbird project on the Dampier Peninsula.
On top of its $24M sale of the Eneabba project to Image in late 2021, Sheffield has realised $36M from the sale of non-core assets to focus on its core Thunderbird asset.
West Australian mineral sands miner Image Resources is eyeing the potential for multi-decade production from a suite of projects in the North Perth Basin after completing the $A12M acquisition of the McCalls project from explorer/developer Sheffield Resources.
McCalls, containing 5.8Bt @ 1.4% for 84Mt contained total heavy minerals and 75Mt contained valuable heavy minerals, is 100km N of Perth close to Sheffield’s producing Boonanarring project.
West Australian mineral sands miner Image Resources has secured access to identify and secure potential development projects outside its current portfolio with a $A24M deal to acquire Sheffield Resources’ non-core Eneabba project.
West Australian mineral sands miner Image Resources has secured a growth asset beyond its current portfolio with binding agreement to acquire the Eneabba project from fellow producer Sheffield Resources for $A24M cash.
The eight project areas comprising the Eneabba project, 220km N of Perth, hold JORC measured, indicated and inferred resources of 211Mt @ 3% for 6.3Mt total heavy minerals.
Mineral sands explorer-developer Sheffield Resources is aiming for a final investment decision in 2022 on its flagship Thunderbird project, a potential 42-year operation accessing a 680.5Mt zircon and ilmenite-rich reserve on Western Australia’s Dampier Peninsula.
With due diligence begun on a proposed $A95M loan from the Northern Australia Infrastructure Fund, exec chairman Bruce Griffin says Sheffield is looking forward to concluding its project financing and DFS.