Sheffield Resources Limited announced that, together with its joint venture partner, YGH Australia Investment Pty Ltd. (Yansteel), it has made a Final Investment Decision (FID) to construct and develop the Thunderbird Mineral Sands Project (Thunderbird) in northern Western Australia. Sheffield confirms that joint venture operator Kimberley Mineral Sands (KMS) has reached financial close on the combined $315 million senior loan facilities provided by the Northern Australia Infrastructure Facility (NAIF) and OMRF (Th) LLC, a related entity of the Orion Mineral Royalty Fund (Orion), completing the project financing requirements for the Thunderbird Mineral Sands Project (Thunderbird) in northern Western Australia. Development of Thunderbird commenced in mid-2021 utilising equity proceeds provided by Yansteel following inception of the 50/50 Kimberley Mineral Sands joint venture.

With Thunderbird construction now more than 40% complete, the project remains on track for first production in First Quarter 2024, enabling the delivery of strong cashflows and benefits to all stakeholders across the projected 36 year mine life.