Kimberley Mineral Sands (KMS) and Orion have agreed a non-binding term sheet for a total financing of $US110 million production linked loan facility for Sheffield Resources’ Thunderbird mineral sands project in the Kimberley region of Western Australia.
KMS is a joint venture between Sheffield Resources Limited and Yansteel. Together they are developing Thunderbird, which has one of the largest and highest-grade mineral sands deposits known.
KMS is expected to achieve financial close in the coming months following completion of the proposed loan facility with Orion.
Sheffield expects the project timetable, project economics and total funding requirement, including an additional $36m of equity from Sheffield to bring Thunderbird into production, will not materially differ from the KMS bankable feasibility study.
Sheffield executive chair Bruce Griffin said Sheffield was extremely pleased with the support shown by Orion as a cornerstone finance partner.
“In partnership with our joint venture partner Yansteel, we look forward to satisfying the conditions required to utilise these facilities, reaching financial close, making a Final Investment Decision, completing the construction phase and moving into production,” he said.
