15/12/2020 - 14:46

Green light for $130m Thunderbird deal

15/12/2020 - 14:46

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YGH Australia Investment’s proposal to acquire 50 per cent of Sheffield Resources’ Thunderbird Mineral Sands project is one step closer, following positive advice from Foreign Investment Review Board.

Bruce McFadzean said the FIRB news was a positive step forward for the development of the Thunderbird Mineral Sands Project. Photo: Gabriel Oliveira

YGH Australia Investment’s proposal to acquire 50 per cent of Sheffield Resources’ Thunderbird Mineral Sands project is one step closer, following positive advice from Foreign Investment Review Board.

Sheffield Resources announced today that it had been advised by the Foreign Investment Review Board (FIRB) that the federal government did not object to Yansteel’s planned $130 million investment to acquire half the project.

Earlier this year, Sheffield Resources and YGH Australia Investment Pty Ltd (Yansteel) executed a non-binding term sheet for the formation of a 50:50 joint venture to own and develop the Thunderbird Mineral Sands Project, as well as the adjacent tenements on the Dampier Peninsula.

Finalisation of the joint venture is expected in the coming weeks, after which a final bankable feasibility study will be completed ahead of concluding project finance arrangements before an expected final investment decision in 2021.

Sheffield Resources managing director Bruce McFadzean said the advice from FIRB was a positive step forward for the development of the Thunderbird Mineral Sands Project.

“It is a significant event for shareholders and the Kimberley community, demonstrating state and federal government’s support for continued investment in the local resources sector,” Mr McFadzean said.

 

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