Sheffield soars on native title ruling

Shares in Sheffield Resources have reached their highest mark in nearly four years after the company won a National Native Title Tribunal ruling, which allows for a mining lease to be granted at its Thunderbird mineral sands project in the Kimberley. 

The tribunal ruled that the company had acted in good faith in its negotiations with the traditional owners, Mount Jowlaenga Polygon 2 claimant group.

“This means that the full Federal Court can lift the stay on the determination made by the NNTT on June 14 2017, and the Department of Mines, Industry Regulation and Safety can now finalise the grant of the Mining Lease 04/459 for the Thunderbird Project, in accordance with standard processes,” Thunderbird said in a statement to the ASX.

Sheffield shares finished up 9.39 per cent at 99 cents each, their highest level since September 2014.

“We are pleased with the positive determination made by the National Native Title Tribunal,” managing director Bruce McFadzean said.

“We have received overwhelming support from local communities and local, state and federal governments for the development of Thunderbird.”