The Northern Australia Infrastructure Facility (NAIF) Board has approved a financial assistance package worth up to A$160 million for Kimberley Mineral Sands.
The funds are intended to help the Thunderbird Mineral Sands Project in the Kimberley region of Western Australia.
“Sheffield is extremely pleased by the level of support shown by NAIF and the Federal Government for the Thunderbird Mineral Sands Project. The NAIF commitment will enable KMS to finalise project funding requirements for Thunderbird and progress construction activities, with the aim of delivering first production in early 2024,” said Sheffield Executive Chair, Bruce Griffin in an ASX Announcement.
The NAIF Facility is part of the A$300–A$320 million in project financing that will be secured for Thunderbird project development.
Kimberley Mineral Sands is a 50/50 joint venture between Sheffield and YGH Australia Investment. The joint venture was formed in 2021 to develop the Thunderbird Mineral Sands Project, one of the largest and highest grade mineral sands discoveries in the last 30 years.
A large-scale zircon and ilmenite open-cut mine, as well as a mineral concentration and separation plant, are part of the project.
It’s a long-term mining project with a two-phase execution starting at an 8 Mtpa wet concentration plant feed rate and a 40-year mine life.
Last month, GP Engineering Services was awarded a $179.5 million engineering, procurement and construction contract by Thunderbird Operations for the construction of a mineral processing plant and associated facilities at the Thunderbird Mineral Sands Project.
