Sheffield Resources Limited (West Kimberley, WA)

Investment Decision August 2018

Sheffield Resources Limited (West Kimberley, WA)

LNG power station and reticulation, upgrade road and port infrastructure to support Thunderbird Mineral Sands Project

NAIF loan Total project value
Up to $95m $562m
Public Benefit Jobs
$487m over 42 years mine life 400 construction jobs; 200 direct jobs

 

The Thunderbird Project is one of the world’s largest and highest grade zircon and titanium dioxide deposits.

NAIF’s assistance will accelerate the development of important infrastructure elements of the Thunderbird project, filling a gap in Sheffield’s finance that it could not obtain from private sector debt and equity markets at this point in its corporate development.

*Financial assistance is subject to finalisation of conditions precedent and WA Government’s consideration and agreement for approved funds to be advanced.

 

 

Indigenous Engagement and Outcomes

  • Sheffield’s Our Pledge to the Kimberley Community includes Aboriginal jobs (build to 40% in first 8 years of operation) and Aboriginal business content (minimum of $5m/year from year 5) plus Aboriginal training fund
  • Opportunities for joint ventures to capacity build between Indigenous suppliers and industry recognised contractors
  • Cash royalties to exceed $100m over 42 years
  • Cross-cultural awareness training by Traditional Owners for all employees and contractors

Australian Industry Participation

Australian Industry Participation (AIP) requirements ensure full, fair and reasonable opportunity for Australian industry to compete for work. This includes work in major public and private projects in Australia, and procurements or projects receiving Australian Government funding of $20 million or more.

NAIF projects much comply with the Commonwealth’s AIP policy.

The AIP Plan developed by Sheffield Resources Limited for the Thunderbird Minerals Sands Project is available here <https://www.industry.gov.au/regulation-and-standards/australian-industry-participation/major-project-australian-industry-participation-plan-summaries-table?field_company_name_value=Sheffield+Resources+Limited>

NAIF’s media release regarding the Investment Decision to Sheffield Resources is available here <https://naif.gov.au/media-releases/west-kimberley-naif-loan-third-to-support-western-australia/>

Economic Impact and Public Benefit

  • The Project’s products have a wide range of uses, from tiles and fibre optics to sunscreen and food colouring
  • Drive in/drive out jobs will provide local employment, training and business opportunities and lift economy and lifestyles of Derby and Broome
  • Support services and training opportunities