Sheffield injects A$6.5m into Thunderbird as refinancing talks with lenders continue
ASX-listed Sheffield Resources has agreed to provide additional funding to the Thunderbird mineral sands operation in Western Australia, as joint-venture company Kimberley Mineral Sands (KMS) continues negotiations with its senior lenders over a potential debt restructure.
Sheffield said on Wednesday that subdued mineral sands market conditions had contributed to ongoing working capital pressures at KMS, which owns the Thunderbird mineral sands mine. The company and its JV partner Yansteel are both guarantors to KMS’s senior secured loan facilities with Orion Resource Partners and the Northern Australia Infrastructure Facility.
The next repayment under those facilities is due on December 31, 2025, with KMS in discussions with Orion and NAIF over possible restructuring options and a deferral of the scheduled payment.
To support near-term liquidity, Sheffield and Yansteel will contribute a combined A$6.5-million to KMS before the end of November. Sheffield said it would fund its portion from existing cash reserves. The company added that further shareholder contributions may be required, and that it may choose whether or not to participate in any additional funding rounds under the KMS shareholders’ agreement.
Sheffield cautioned that, while collaborative discussions with lenders were ongoing, “there is no guarantee that a successful outcome will be concluded, or that KMS will receive the funds necessary from shareholders to meet its working capital requirements”.
The company said it would continue updating the market on material developments related to KMS and the Thunderbird project.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation


















