Sheffield Resources Releases Solid Thunderbird BFS

THE BOURSE WHISPERER: Sheffield Resources (ASX: SFX) released results of a recently-completed Bankable Feasibility Study (BFS) on the company’s 100 per cent-owned Thunderbird mineral sands project, located near Derby in northern Western Australia.

Sheffield Resources said the BFS demonstrated Thunderbird to be a financially robust and technically strong project, forecast to generate EBITDA of $5.1 billion over a 42 year mine life.

The company explained the BFS was based on a conventional dozer trap mineral sand mining and processing operation involving an initial 8.5 million tonnes per annum throughput (single mining unit), doubling to 17 million tonnes per annum in Year five via the addition of a second mining unit and processing stream.

“The study findings show Thunderbird is a technically low risk project and is anticipated to generate significant and consistent financial returns over an exceptionally long mine life of 42 years,” Sheffield Resources managing director Bruce McFadzean said in the company’s announcement to the Australian Securities Exchange.

“Thunderbird is located in one of the most attractive mining investment jurisdictions and is well placed to deliver a long term, secure supply of high quality products to a range of potential customers.

“Completion of the BFS clears the way for delivery of the next major milestones; offtake, permitting and project finance ahead of a targeted construction start in the second half of 2017.

“Offtake discussions are progressing with leading global ilmenite and zircon consumers.

“There has been strong interest in our high-quality suite of products.

“In conjunction with our corporate advisors Azure Capital, we are engaging with both project finance providers and potential strategic partners to arrive at an optimal funding solution.”

Email: info@sheffieldresources.com.au

Website: www.sheffieldresources.com.au