Sheffield Resources Limited
Sheffield Resources Limited
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West Australian mineral sands developer Sheffield Resources and partner YGH Australia have green-lighted the $A484M first stage development of the world-class Thunderbird mine after finalising their debt and equity funding agreements.
The Kimberley region project is now fully funded through to first production, targeted for the March 2024 qtr.
JV partners Sheffield Resources and Yansteel near a final investment decision on the Thunderbird mineral sands project in Western Australia with the completion of project funding and mining contract agreements. John Feary reports
International mineral sands specialist contractor Piacentini & Sons has been awarded the mining services contract by JV partners Sheffield Resources and Yansteel at their Thunderbird project in Western Australia's Kimberley region.
The 9-year Kimberley Mineral Sands contract, with 5-year extension option, will see the WA-based private company supply and operate a mining unit plant plus mining fleet for dozer-push ore production at the Dampier Peninsula deposit 70km W of Derby.
West Australian mineral sands developer Sheffield Resources has secured a definitive export route for its Thunderbird project with the signing of a binding long-term port access agreement with the Derby port.
The agreement provides Kimberley Mineral Sands, Sheffield’s 50-50 JV with Yansteel, with access to port infrastructure and a bulk handling facility previously used for base metal concentrates in the Kimberley regional port.
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.