Join our daily newsletter At The Bell to receive exclusive market insights
- Sheffield Resources (SFX) has re-structured its board following a joint venture (JV) deal with Yansteel
- Yansteel invested $130 million to acquire 50 per cent of the joint venture, named Kimberley Mineral Sands (KMS), with Sheffield Resources retaining the rest of the interest
- With the JV now formed, KMS will complete a final bankable feasibility study for the Thunderbird project, located in the north-west of WA
- KMS is working with Taurus Funds Management and the Northern Australia Infrastructure Facility in relation to the financing arrangements
- As a result of Sheffield moving towards its project execution stage, the company has appointed two new directors
- Sheffield Resources is up 16.7 per cent, trading at 42 cents
Sheffield Resources (SFX) has re-structured its board following a joint venture (JV) deal with Yansteel.
Yansteel invested $130 million to acquire 50 per cent of the joint venture, named Kimberley Mineral Sands (KMS), with Sheffield Resources retaining the rest of the interest.
With the JV now formed, KMS will complete a final bankable feasibility study for the Thunderbird project, located in the north-west of WA, with an expected final investment decision during 2021.
KMS is now working with Taurus Funds Management and the Northern Australia Infrastructure Facility in relation to the financing arrangements.
Sheffield Managing Director Bruce McFadzean said the completion of the transaction was a defining moment for Sheffield and a major milestone for the Thunderbird Minerals Sands Project.
“Our partnership with Yansteel is a great moment for Thunderbird, the people of the Kimberley, and for Sheffield Resources’ investors and stakeholders,” Mr McFadzean said.
As a result of Sheffield moving forward with the project, the company has appointed Gordon Cowe to its board as an independent Non-Executive Director. Cowe comes with over thirty years’ experience leading and managing major resource construction projects globally.
Consequently, Directors Will Burbury and David Archer have stepped down from the board from the positions of Chair and Technical Director, respectively.
Sheffield Resources is up 16.7 per cent, trading at 42 cents at 3:00 pm AEDT.
