The Government of Western Australia has ratified the $160m Northern Australian Infrastructure Facility (NAIF) loan facility for the development of the Thunderbird Mineral Sands Project in the Kimberley region of Western Australia.
Owner Sheffield Resources said the execution of the document provided a key step forward for the establishment of a leading new mineral sands project that would deliver significant economic benefits for the people of the Kimberley region.
Sheffield executive chair Bruce Griffin said in partnership with joint venture partner Yansteel, the company looked forward to providing employment opportunities to many more local Kimberley residents and those in the wider Western Australian community.
In conjunction with third party project financing being sourced by the JV, named Kimberley Mineral Sands, the execution of the NAIF loan documentation is one of the remaining steps to enable it to achieve financial close and utilise the loan facilities, which is expected over the coming months.
Naust Capital is acting as project financing adviser to Kimberley Mineral Sands in relation to the NAIF loan facility.
