PERTH (miningweekly.com) – Mineral sands developer Sheffield Resources has mandated Taurus Mining Finance to provide a $10-million bridging finance facility.
Sheffield earlier this month announced plans to update the bankable feasibility study (BFS) for its Thunderbird project, in Western Australia, looking at increasing zircon production and deferring the low temperature roast ilmenite circuit to Stage 2 of the development.
The updated BFS study will be completed early in the third quarter.
Sheffield on Tuesday said that the 18-month bridging finance facility would allow the company to run its partner process for the Thunderbird project while also updating the BFS.
“This additional facility provided by Taurus is further endorsement and support for Thunderbird as a Tier 1 asset in a Tier 1 jurisdiction in a very positive mineral sands sector,” said Sheffield MD Bruce McFadzean.
“We remain excited by the opportunities presenting from the BFS update and the strategic partner process and we look forward to updating the market as they progress.”