Sheffield Resources and Tangshan Yanshan Iron & Steel-backed Yansteel completed the formation of Thunderbird Joint Venture for $106m.

Sheffield Resources, a mineral sand exploration company with a bulk minerals focus, and Tangshan Yanshan Iron & Steel-backed Yansteel, a producer of steel products, completed the formation of Thunderbird Joint Venture for $106m. Yansteel invested $96m to acquire 50% of the joint venture. Sheffield completes a 10% placement to Yansteel for approximately $10m. “The Joint Venture with Yansteel, if completed, will provide the project equity presently estimated to fund Stage 1 of the Thunderbird Project. The transaction with Yansteel also secures offtake for all of the ilmenite. We welcome Yansteel as a shareholder and look forward to working with them to develop Thunderbird. To attract such a strong partner is testimony to the quality of the Thunderbird Mineral Sands Project. This outcome achieves all of the objectives of the strategic partner process undertaken by Sheffield over the past 18 months and, if completed, will provide the means by which Sheffield shareholders can realise the underlying value of the Project," Bruce McFadzean, Sheffield Resources Managing Director.