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- Construction of Sheffield Resources (SFX) and its joint venture partner’s Thunderbird mineral sands project in WA is over 75 per cent complete
- Installation of pipework and hoppers at the wet concentrate plant is underway, and installation of steel structures at the concentrate upgrade plant has begun
- Sheffield says completion of construction activities and initiation of commissioning activities remains on target for late 2023
- The company told investors first delivery of mineral sands products to customers is scheduled for the first quarter of 2024
- Sheffield Resources shares are down 0.8 per cent, trading at 60.5 cents at 11:54 am AEDT
The construction of Sheffield Resources (SFX) and its joint venture partner’s Thunderbird mineral sands project in WA is over 75 per cent complete.
The Thunderbird project is a 50/50 joint venture between Sheffield and Chinese steel company Yansteel, and hosts one of the world’s largest high-grade zircon reserves, as well as ilmenite. Sheffield’s portion of the project is overseen by its 50 per cent investment in Kimberley Mineral Sands.
Sheffield reported installation of pipework and hoppers at the wet concentrate plant was underway, and installation of steel structures at the concentrate upgrade plant had begun.
Sheffield said steel frameworks supporting ancillary service areas are continuing to be installed, with site electrical services also progressing well.
As such, completion of construction activities and initiation of commissioning activities remains on target for late 2023.
“Thunderbird construction is advancing at a rapid pace, and we are extremely pleased by the progress made by the KMS team,” Sheffield Resources Executive Chair Bruce Griffin said.
The company has planned to bring forward recruitment of its operations personnel and other activities to minimise start up risk.
The additional activities, as well as inflationary pressure in the resources sector, is expected to add $27 million to the previous estimate of pre-production costs.
However, Mr Griffen said Kimberley Mineral Sands remains “extremely well positioned” to complete the project “comfortably” within the current available funding of $484 million.
The company told investors first delivery of mineral sands products to customers remains on target for the first quarter of 2024.
Sheffield Resources shares were down 0.8 per cent, trading at 60.5 cents at 11:54 am AEDT.
