https://www.miningweekly.com

Sheffield taps Taurus for Thunderbird debt funding

18th October 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Mineral sands developer Sheffield Resources has mandated Taurus Mining Finance Fund to arrange for a $200-million debt facility to support the development of the Thunderbird project, in Western Australia.

The ASX-listed company said on Wednesday that Taurus had agreed to arrange and underwrite a $200-million project development facility, comprising a $175-million term loan facility and a $25-million contingent instrument facility.

Additionally, a $10-million unsecured equity bridge loan facility is also available to advance project development activities.

Sheffield MD Bruce McFadzean noted that the company has received significant interest and responses from a variety of banks and debt investors over the last few months.

“Taurus shares our positive outlook on the mineral sands industry and has a strong understanding of the sector having managed successful mineral sands investments in the past.”

He added that the funding facility provides Sheffield with $200-million in underwritten funding, without equity dilution, with a reasonable cost structure and a seven-year tenor.

“Undoubtedly this commitment represents a strong and positive endorsement of the Thunderbird project’s outstanding financial metrics as one of the largest new, long life mineral sands projects in the world. Sheffield is now strongly positioned to advance Thunderbird towards development,” McFadzean said.

The Thunderbird Stage 1 development is expected to have an 8.5-million-tonne-a-year throughput, doubling to 17-million tonnes a year in the fifth year of operations, with the investment of a further A$195-million.

Over its 42-year mine life, Thunderbird is expected to deliver some 76 100 t/y of premium zircon, 68 500 t/y of zircon concentrate, 387 800 t/y of ilmenite and 229 800 t/y of titano-magnetite.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.181 0.219s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: