Name of the Project
Thunderbird mineral sands project.

Location
Kimberley region, northern Western Australia.

Project Owner/s
Kimberley Mineral Sands (KMS), a 50:50 joint venture between Sheffield Resources and YGH Australia Investment.

Project Description
A bankable feasibility (BFS) has been completed on a simplified process flowsheet for the project, which has resulted in lower capital costs and improved margins for a significant improvement in project economics.

The 2022 BFS has removed the ilmenite processing circuit, which included the low-temperature roaster circuit and ilmenite magnetic separation circuit included in the 2019 BFS update.

The BFS flowsheet is expected to produce a nonmagnetic concentrate product containing zircon and rutile, an ilmenite-rich magnetic concentrate and a paramagnetic concentrate.

Thunderbird will be developed in two stages.

Stage 1 and 2 of operations is expected to produce 1.4-million tonnes a year of zircon and ilmenite concentrates over an estimated 36-year life-of-mine (LoM).

The initial Stage 1 mining and processing feed rate is forecast at 1 085 dry tonnes an hour at the wet concentrate plant, with Stage 2 doubling the wet concentrate feed rate to 2 170 t/h during Year 5 of operations.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The BFS delivers a prefinance, after-tax net present value, at an 8% discount rate, of A$1.28-billion and internal rate of return of 27.5% over the LoM.

Capital Expenditure
Stage 1 is estimated at $361-million, including contingency. Total funding requirements for Stage 1 are estimated at A$484-million.

Planned Start/End Date
First production is targeted for the first quarter of 2024.

Latest Developments
Sheffield Resources has secured a $110-million project finance facility to fund its Thunderbird mineral sands project.

Sheffield has reported that Orion Resource Partners and KMS have agreed upon a nonbinding term sheet for a production-linked loan facility for the project.

Alongside the A$160-million Northern Australian Infrastructure Fund loan facility secured at the end of July, KMS is expected to achieve financial close in the coming months following completion of the proposed loan facility with Orion.

The completion of the loan facility remains conditional upon completion of due diligence, the parties entering into binding legal documentation and satisfaction of conditions precedent for the loan facility.

Key Contracts, Suppliers and Consultants
GR Engineering Services (engineering, procurement and construction – process facilities).

Contact Details for Project Information
Sheffield Resources, tel +61 8 6555 8777 or email info@sheffieldresources.com.au.