THE BOURSE WHISPERER: Sheffield Resources (ASX: SFX) signed a Co-existence Agreement (Agreement) in relation to the company’s Thunderbird mineral sands project in northern Western Australia.
Sheffield Resources said the signing follows its recent signing of an in principle and non-binding term sheet with the Traditional Owner Negotiation Committee (TONC) that represents the Mount Jowlaenga Polygon #2 claimant group (Traditional Owners).
Sheffield has worked closely with the TONC and its advisors to formalise the terms of the agreement, which has now been executed and delivered to the Traditional Owners.
This allows the Kimberley Land Council (KLC) to proceed with an Authorisation Meeting, which involves a meeting with a wider group of Traditional Owners to consider authorising the Named Applicants to execute the Agreement.
Sheffield explained that the Authorisation Meeting represents the final step in this process and is currently expected to take place in late October or early November 2018.
“We commend all parties for their efforts in finalising the terms negotiated with the TONC in a timely and conciliatory manner,” Sheffield Resources managing director Bruce McFadzean said in the company’s announcement to the Australian Securities Exchange.
“The signing of the Agreement is now binding on Sheffield and provides certainty to the wider group of Traditional Owners in the period leading to the Authorisation Meeting.”
Sheffield indicated it aims to continue to work closely with communities throughout the Kimberley on employment and business opportunities as part of its commitment to the development of Thunderbird.
McFadzean said the company was focussed on its licence to operate with Traditional Owners and the wider Kimberley community and looked forward to working alongside them as the project moves into development.