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Sheffield raises cash for Thunderbird studies

Sheffield raises cash for Thunderbird studies

Photo by Bloombeg

27th November 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Mineral sands developer Sheffield Resources is aiming to raise up to A$5-million through a share placement and a further A$2-million through a share purchase plan (SPP) to fund a bankable feasibility study (BFS) for its Thunderbird project, in Western Australia.

Sheffield told shareholders on Friday that it would place up to 11.4-million shares, at an issue price of 44c each, to domestic and international, sophisticated and professional investors.

The placement would be conducted under the company’s current capacity and would not require shareholder approval.

Under the SPP, eligible shareholders would be allowed to purchase up to A$15 000 worth of fully-paid ordinary shares, also priced at 44c each.

Sheffield MD Bruce MacFadzean said that the capital raising would ensure that Sheffield had a strong balance sheet to deliver on upcoming milestones on the way to finalising a BFS in late 2016.

“This exciting phase has commenced and will include a number of catalysts, including permitting, grant of the mining lease, a maiden reserve for the Thunderbird deposit and key offtake and financing negotiations.”

The Thunderbird project was estimated to have a measured, indicated and inferred resource of 3.2-billion tonnes, grading 6.8% heavy mineral sands, compared to the 2.6-billion tonnes, grading 6.5%.

A recently completed updated prefeasibility study has estimated that the project would require a capital investment of A$271-million, based on a conventional dozer trap mineral sands mining operation, involving an initial 12-million tonnes a year of throughput, increasing to 18-million tonnes a year, to produce an average of 100 000 t/y of zircon and 382 000 t/y of high-grade sulphate ilmenite over the 40-year life of the mine.

Edited by Creamer Media Reporter

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