Sheffield raises cash for Thunderbird studies
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation