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- Sheffield Resources (SFX) has provided an update on its Thunderbird joint venture project with YGH Australia Investment
- YGH has applied to acquire 50 per cent of the Thunderbird Mineral Sands Project near Derby, WA
- However, the acquisition is dependant on the Foreign Investment Review Board’s (FIRB) approval — which YGH and Sheffield applied for in August
- FIRB has since asked for additional information, but both companies still believe the agreement will be executed by October
- YGH and Sheffield are also planning to undertake a work program to help ‘maximise the possibility’ of the project being ready by the 2021 dry season
- Shares in Sheffield are trading steady at 28.5 cents each
Mineral sands developer Sheffield Resources (SFX) has provided an update on its Thunderbird joint venture (JV) project with YGH Australia Investment.
YGH has applied to acquire 50 per cent of the Thunderbird Mineral Sands Project which is located near Derby, WA, by forming a joint venture company with Sheffield.
However, YGH’s acquisition is dependant on the Foreign Investment Review Board’s (FIRB) approval — as the company is owned by a parent company based in Hong Kong.
Sheffield and YGH applied for FIRB approval in August, and are now supplying additional information to the body as it mulls over the decision.
Both companies are also continuing to work on the JV documentation and hope to have the agreement executed by October 2020.
The duo is also working on a work program to ‘maximise the probability’ of reaching a final investment decision and beginning construction at Thunderbird by the 2021 dry season.
As a result, site investigation, design and tendering work have been scheduled to begin at Thunderbird in the fourth quarter of 2020, at a combined cost of $2.9 million.
Along with these works, YGH and Sheffield are planning a full-scale trial mining program at the site to confirm plant design, contract costs, and to collect bulk ore samples.
Shares in Sheffield Resources have ended the day trading slightly up, worth 28.5 cents per share.
