THE BOURSE WHISPERER: Sheffield Resources (ASX: SFX) received a favourable ruling from the National Native Title Tribunal (NNTT) process for the company’s Thunderbird mineral sands project in the Kimberley region of Western Australia.
Sheffield Resources reported that the NNTT reconsidered the test of good faith, as directed by the Full Federal Court in December 2017, and determined that Sheffield acted in good faith in its negotiations with the Traditional Owners, the Mount Jowlaenga Polygon #2 claimant group.
As a result, the Full Federal Court can now lift the stay on the determination made by the NNTT on 14 June 2017, and the WA Department of Mines, Industry Regulation and Safety can now finalise the grant of the Mining Lease 04/459 for the Thunderbird project, in accordance with standard processes.
Independent of, and in parallel to the NNTT process, Sheffield recently announced agreement of nonbinding and indicative key terms with the Traditional Owners, as a basis for a future Native Title Agreement in relation to Thunderbird.
The company indicated that, following the NNTT determination, it remains committed to concluding a Native Title Agreement in collaboration with Traditional Owners by mid Q4 2018.
“We are pleased with the positive determination made by the National Native Title Tribunal,” Sheffield Resources managing director Bruce McFadzean said in the company’s announcement to the Australian Securities Exchange.
“We have received overwhelming support from local communities and Local, State and Federal Governments for the development of Thunderbird.
“It is a world-class, multi-decade project that will create hundreds of local jobs, generate substantial business opportunities and support economic development in the Kimberley.
“We are also very pleased with the collaborative efforts made by both parties in agreeing non-binding and indicative terms ahead of formalisation and authorisation of an Agreement.
“We look forward to working closely with the Traditional Owners and local communities on employment and business opportunities as part of our commitment to the development of Thunderbird.”