ASX-listed Sheffield Resources says its Thunderbird mineral sands project in WA’s Kimberley region will get a $95 million loan from the Federal Government’s Northern Australia Infrastructure Facility (NAIF).
The NAIF debt facility, which still needs state approval, will allow the miner to build on-site LNG power generation and storage facilities at Thunderbird, upgrade mine site roads, build accommodation, and build and revitalise ship loading and logistics assets at the Port of Derby.
Sheffield managing director Bruce McFadzean said the company was extremely pleased with the level of support shown by the Federal Government through the NAIF funding.
“Whilst the NAIF Facilities would not reduce total funding requirements, the proposed structure provides a pathway to Sheffield to own the asset infrastructure and provides for lower operating costs when compared to the Thunderbird BFS (bankable feasibility study).”
“NAIF’s approval of a concessional loan on the terms and tenor defined in the term sheets is a significant milestone for Thunderbird and will underpin many hundreds of jobs in the Kimberley region over several decades.”
The Thunderbird BFS showed the project to be a technically low risk, modest capex project with a life of 42 years.
The mine would generate a high-quality suite of mineral sands, according to Sheffield, including zircon and ilmenite.