Civil earthworks including construction of the tailings storage facility are progressing well with all major site pads, access roads and laydown areas in place
Thunderbird construction 38% complete, says Sheffield Resources. (Credit: Peter H from Pixabay)
Sheffield Resources Limited (“Sheffield” or “the Company”) (ASX: SFX) is pleased to announce that its 50% owned Thunderbird Mineral Sands Project (Thunderbird) in northern Western Australia is now over 38% complete as at 31 August 2022, with site construction activities advancing in accordance with the planned construction schedule.
Bulk earthworks and related civil construction activities have significantly advanced over recent months, following the mobilisation of GR Engineering Services Limited (GRES) as the EPC contractor. Construction of the tailings storage facility is underway, and contractors have mobilised to install the borefield.
Sheffield Resources Executive Chair, Mr Bruce Griffin said, “It’s extremely pleasing to see the Thunderbird site construction progressing well. Committed equity proceeds of $130.1m secured from Yansteel following the formation of the Kimberley Mineral Sands joint venture has been put to work and has enabled site construction continues to ramp up and KMS are moving ever closer to committing to full construction at the conclusion of the project financing activities.”
“With first production on track for Q1 2024, Thunderbird is well positioned to deliver product into a buoyant market that continues to experience supply constraints across the globe.”
The Thunderbird Bankable Feasibility Study (refer ASX announcement dated 24 March 2022) estimated a NPV8 of $1.28B ($A:$US 0.75:1) and post-tax IRR of 27.5% for the world class Thunderbird Project. Sheffield’s 50% share of the NPV is estimated at $640m.
Source: Company Press Release