Sheffield Resources Limited
Sheffield Resources Limited
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While fellow West Australian mineral sands project developer Sheffield Resources has slowed work on its Thunderbird project in the Kimberley region over project funding difficulties, Strandline Resources has named international consultant SRK to support technical due diligence for potential lenders to its Coburn project in the state's Mid West.
The proposed development of one of the world’s largest and highest-grade zircon and ilmenite-rich mineral sands ore reserves has been scaled back after the failure of Sheffield Resources to line up project funding through a strategic partner process.
West Australian developer Sheffield Resources has scaled back development activities at its 100%-owned Thunderbird mineral sands project in the Kimberley region after failing to deliver a timely equity funding solution through its strategic partner process.
Following a strategic business review, Sheffield says pausing the partnering process and project financing strategy will allow the project to be re-scoped at materially lower project capital and corporate costs.
West Australian developer Sheffield Resources is just weeks away from concluding project funding for one of the largest and highest grade undeveloped zircon-rich deposits in the world, its 100%-owned Thunderbird mineral sands project in the Kimberley region.
MD Bruce McFadzean says finalisation of the financing processes has included due diligence by lenders along with approvals by Taurus Mining Finance and the Northern Australia Infrastructure Fund.
Sheffield Resources is able to begin on-site work paving the way for future construction activities at its 100%-owned Thunderbird mineral sands project in Western Australia’s Kimberley region after gaining state approval for its mining proposal and mine closure plan.
MD Bruce McFadzean says the approvals for Stage 1 mining, processing, maintenance and haulage activities are another milestone towards the proposed $A463M development.
Global mineral sands processor CFM Minerales has boosted its off-take agreement with Sheffield Resources for the Thunderbird mineral sands project in Western Australia, lifting its annual supply commitment from 4,000t to 5,000t premium zircon.
MD Bruce McFadzean says CFM’s agreement to take about 8% of Thunderbird’s estimated first stage production is further evidence of the future demand for premium zircon.
An updated BFS has reduced project capital estimates by 15% and operating costs by 6% while raising revenue expectations by 11% for Sheffield Resources’ 100%-owned Thunderbird mineral sands project in Western Australia’s Kimberley region.
The update is based on a 40% increase in Thunderbird’s LOM zircon production, transforming the project economics and lifting forecast pretax NPV by 69% and IRR by 21%.
MD Bruce McFadzean says Sheffield expects to reach a final investment decision and construction start this year.
Sheffield Resources has strengthened the economics for its 100%-owned Thunderbird mineral sands project in NW Western Australia with the signing of a binding 7-year offtake agreement for 650,000tpa unroasted primary ilmenite.
The agreement with globally significant mineral sands developer/supplier Bengbu Zhongheng New Materials covers all Thunderbird’s expected stage 1 primary ilmenite output.
West Australian mineral sands developer Sheffield Resources is targeting more capital expenditure savings and potentially substantial improvements to project economics with the start of a BFS update on its 100%-owned Thunderbird project in the Kimberley region.
The study, following a 6-month detailed technical assessment by Sheffield and EPC contractor GR Engineering, will assess deferring the low temperature roast ilmenite circuit and advancing zircon development.
Arafura Resources has passed the first hurdle on its quest for funding from the Northern Australia Infrastructure Facility for its DFS-stage Nolans neodymium-praseodymium project, 135km NW of Alice Springs in the NT.
The NAIF has been set up to support private sector infrastructure investments in the underdeveloped tropical regions of Australia’s far north.
Arafura will now develop a comprehensive investment proposal as the basis for due diligence.