In Western Australia. New Year's Day, Australia Day, Good Friday, Easter Saturday, Easter Monday, Anzac Day, Labour Day, Foundation Day, Queen’s Birthday, Christmas Day, Boxing Day.
In Western Australia. The Agreement was signed with well-established European ceramics company, CFM Minerales s.a. (CFM), of Spain, and is based on a minimum annual supply of 4,000 tonnes of premium zircon. This represents approximately 8% of the estimated total volume of premium zircon to be produced from Stage 1 of Thunderbird. Total offtake under binding agreement for Thunderbird premium zircon now stands at approximately 44% of forecast Stage 1 production. Key terms of the Agreement include: • CFM to purchase a minimum contract volume of 4,000 tonnes of Thunderbird premium zircon annually for an initial five year period, with annual contract extensions thereafter; • Opportunity to supply a further contract volume of 2,000 tonnes per annum, subject to consent of both parties; • Take or pay provisions apply to the minimum contracted volume under the Agreement; • Thunderbird premium zircon pricing to be based upon the prevailing $USD market price, negotiated on a quarterly basis; • Conditions precedent include a positive final investment decision in respect of Thunderbird; • Agreed product quality and specifications within defined parameters; • Shipment schedule and delivery obligations agreed between the parties; • CIF Incoterms apply under the Agreement; • Customary payment and product logistics terms included; • Force Majeure and other customary commercial arrangements included in the Agreement. Sheffield’s Managing Director, Xxxxx XxXxxxxxx, said: “We welcome CFM as a cornerstone European customer of Sheffield. CFM are a significant ceramics company with a well-established brand throughout the industry. This agreement continues to affirm the strong demand for the high quality premium zircon product to be generated from the Thunderbird project over the 42 year life of mine. “We continue to advance negotiations across our full product range and expect that over the coming months we will continue to deliver on our offtake strategy and timeline. “We look forward to providing Sheffield’s offtake partners, the community and our shareholders with further offtake and financing updates in the near future.” ENDS For further information please contact: Xxxxx XxXxxxxxx Managing Director Tel: 00 0000 0000 xxxx@xxxxxxxxxxxxxxxxxx.xxx.xx Website: xxx.xxxxxxxxxxxxxxxxxx.xxx.xx Media: Xxxx Xxxxxxx Citadel-MAGNUS Tel: +00 000 000 000 xxxxxxxx@xxxxxxxxxxxxx.xxx ABOUT SHEFFIELD RESOURCES Sheffield Resources Limited is focused on developing its 100% owned, world class Thunderbird Mineral Sands...
In Western Australia. The Agreement was signed with the largest mineral sands processor in China, Hainan Wensheng High-Tech Materials Company Limited (Wensheng), and is based on a minimum annual supply of 27,000 tonnes of zircon concentrate. This represents approximately 54% of the estimated total volume of zircon concentrate to be produced from Stage 1 of Thunderbird. The signing of a cornerstone Chinese customer represents another significant step towards the development of Thunderbird, one of the largest and highest-grade discoveries of mineral sands in recent decades. Initial earthworks and site access arrangements are currently underway at the Project, ahead of targeted commencement of construction in Q2 2018. Key terms of the Agreement include: • Wensheng to purchase a minimum contract volume of 27,000 tonnes of Thunderbird zircon concentrate annually for an initial five-year period, with annual contract extensions thereafter; • Opportunity to supply a further contract volume, subject to production increasing above 50,000 tonnes per annum; • Take or pay provisions apply to the minimum contracted volume under the Agreement; • Thunderbird zircon concentrate pricing is based on the underlying $USD price for premium zircon and determined using the ZrO2, TiO2 and TREO content of the concentrate delivered; • Conditions precedent include a positive final investment decision in respect of Thunderbird; • Agreed product quality and specifications within defined parameters; • Shipment schedule and delivery obligations agreed between the parties; • CIF Incoterms apply under the Agreement; • Customary payment and product logistics terms included; • Force Majeure and other customary commercial arrangements included in the Agreement. Sheffield’s Managing Director, Xxxxx XxXxxxxxx, said: “We are delighted by the new and important relationship we have established between Sheffield and Wensheng, the largest integrated mineral sands processor in China. Wensheng has a depth of experience and comprehensive sales network, representing a quality brand within the mineral sands industry. “We continue to see strong demand for the range of high-quality zircon and ilmenite products that will be produced at Thunderbird. As we pursue our offtake strategy, we expect this demand to translate into additional agreements in coming months, continuing the success we have experienced in 2017. “With 44% of premium zircon for Stage 1 of Thunderbird already under binding offtake agreement, the addition of over h...
In Western Australia. South Australia and Tasmania a casual employee may be engaged for a minimum of 2 hours on each occasion required between 4.00p.m. and 6.30p.m.
In Western Australia. South Australia and Tasmania a casual team member may be engaged for a minimum of 2 hours on each occasion required between 4.00p.m. and 6.30p.m.
In Western Australia. The Agreement with Hainan Wensheng High-Tech Materials Company Limited (Wensheng), the largest mineral sands processor in China, is for annual supply of 25,000 tonnes of zircon concentrate in addition to the Agreement executed and disclosed on 12 December 2017 which accounted for an annual supply of 27,000 tonnes of zircon concentrate (previous Agreement), for a total contracted volume of 52,000 tonnes. The key terms of the new Agreement remain consistent with the previous Agreement. Sheffield Resources Managing Director, Xxxxx XxXxxxxxx, said the binding offtake Agreement with Xxxxxxxx was a tremendous result and another positive step forward for Thunderbird, and further evidence of the project’s world-class status. “We are delighted to strengthen our relationship with Xxxxxxxx. We’ve spent a lot of time fostering relationships with international offtake partners, so it’s very encouraging to see one of the largest mineral sands processors in the world sign up for additional volume. “With this agreement finalised, our marketing team has now secured offtake for 100% of all Stage 1 zircon and ilmenite production volumes at Thunderbird, significantly reducing market and revenue risk. “The BFS update we are seeking to conclude in the coming weeks will target the deferral of our planned LTR ilmenite circuit to focus on increased zircon production – ultimately delivering lower capital and operating costs, lower construction risk and a financially stronger project. “We look forward to keeping our shareholders and the wider Xxxxxxxxx community updated as we move through the BFS update and strategic partner process.” ENDS For further information please contact: Xxxxx XxXxxxxxx Managing Director Tel: 00 0000 0000 xxxx@xxxxxxxxxxxxxxxxxx.xxx.xx Website: xxx.xxxxxxxxxxxxxxxxxx.xxx.xx Media: Xxxx Xxxx / Xxxxx Xxxxxxx Citadel-MAGNUS Tel: 00 0000 0000 xxxxx@xxxxxxxxxxxxx.xxx xxxxxxxx@xxxxxxxxxxxxx.xxx ABOUT SHEFFIELD RESOURCES Sheffield Resources Limited is focused on developing its 100% owned, world class Thunderbird Mineral Sands Project, located in north-west Western Australia. Sheffield continues to also assess other regional exploration opportunities. THUNDERBIRD MINERAL SANDS Thunderbird is one of the largest and highest-grade mineral sands discoveries in the last 30 years. Sheffield’s Bankable Feasibility Study shows Thunderbird is a technically low risk, modest capex project that generates strong cash margins from globally significant levels of production over an...
In Western Australia. The Agreement with CFM Xxxxxxxxx.xx (CFM), a global mineral sands processor with operations in Spain, Mexico and Indonesia, is for a 25% increase in annual supply of a further 1,000 tonnes of premium zircon in addition to the Agreement executed and disclosed on 30 October 2017. This agreement accounted for an annual supply of 4,000 tonnes of premium zircon (Previous Agreement). CFM’s total offtake volume represents ~8% of the total Stage 1 estimated production volume at Thunderbird. The key terms of the new Agreement remain consistent with the Previous Agreement. Sheffield Resources Managing Director, Xxxxx XxXxxxxxx, said the binding offtake Agreement with CFM was a tremendous result and another positive step forward for Thunderbird, and further evidence of the demand for future premium zircon supply. “We are delighted to strengthen our relationship with CFM. We have spent a lot of time fostering relationships with international offtake partners, so it’s very encouraging to see ongoing support from another global leading mineral sands consumer. “With this agreement finalised, our marketing team has now secured offtake for approximately 100% of all Stage 1 zircon and ilmenite production volumes at Thunderbird, significantly reducing market and revenue risk. The rapid uptake of the additional BFS volume is further confirmation of concern regarding future supply of premium zircon from customers. “With the consensus view that significant supply shortages and strong pricing is expected to continue in the mid-long term, the mineral sands industry looks to be in a robust position. The majority of our revenue from Thunderbird is derived from zircon products. Zircon pricing has steadily increased over the years and with the long-term inducement price unchanged from previous reports at US$1,469 per tonne FOB (real 2018 dollars as per TZMI Market study June 2019) the industry appears very stable moving forward”. “Current Australian premium zircon production is estimated to be significantly reduced by 2027 as the present operations, heavily contributing to the global supply of premium zircon, are mined out. The supply threat is further exacerbated by output, quality and costs from older and mature African operating mines. The timing of this significant supply decline bodes well for the Thunderbird project production post construction”.
In Western Australia. Foundation Day (in addition)
