THE BOURSE WHISPERER: Sheffield Resources (ASX: SFX) signed a Native Title Agreement with Traditional Owners regarding the company’s Thunderbird mineral sands project in Western Australia.
Sheffield Resources signed the agreement at an Authorisation Meeting in Broome with the Traditional Owners for the Mt Jowlaenga Polygon #2 Native Title Claimant Application who authorised the Named Applicants to sign the Co-existence Agreement for the Thunderbird project.
The Agreement was negotiated between the Traditional Owner Negotiation Committee (TONC) and Sheffield during July and August 2018.
The signing of the Agreement by the Named Applicants makes the Agreement binding on both Sheffield and the Traditional Owners.
The details of the Agreement are confidential and commercial in nature; however, Sheffield explained the final agreement is in line with the Sheffield Pledge to the Community and contains royalty payments to Traditional Owners, local and Aboriginal employment and business commitments and strong protection for Aboriginal heritage and the environment.
The execution of the agreement will trigger obligations on the company, including cash and equity-based payments following agreement execution and future project milestones, which are payable to the nominated Trustee.
The agreement establishes a framework by which Sheffield can work with the Traditional Owners to protect Aboriginal heritage and the environment and deliver sustainable employment and business outcomes for Traditional Owners and the wider Aboriginal community.
The agreement requires the establishment of an Implementation Committee and the appointment of an Implementation Officer to work with the Company to ensure these outcomes.
“The signing of the agreement will be a fantastic outcome for the Traditional Owners and the wider Aboriginal communities for many decades to come,” Sheffield Resources managing director Bruce McFadzean said in the company’s announcement to the Australian Securities Exchange.
“We can now all work together and provide long term employment and business opportunities for everyone.
“Additionally, the signing of the agreement means an Implementation Committee can be established and the company can continue to grow a meaningful, long term relationship with the Traditional Owners by working with that Committee throughout the life of the project.”