Australia's Sheffield hits over 2-yr high on loan approval for project in WA

Sheffield Resources

14/04/2022 05:46

** Shares of exploration company Sheffield Resources Ltd
 SFX.AX  rise as much as 5.7% to A$0.65 - highest since Sept.
2019
    ** Says the Northern Australia Infrastructure Facility
(NAIF) board has offered financial assistance of A$160 million 
($119.31 million) to support Thunderbird Mineral Sands Project
in Western Australia (https://bit.ly/3EdKsBl)
    ** Thunderbird is owned by Kimberley Mineral Sands Pty Ltd -
a 50/50 joint venture between Sheffield and YGH Australia
Investment Pty Ltd
    ** The NAIF facility forms a key part of the A$300 million 
($223.62 million) to A$320 million project financing to be
secured for its development
    ** Kimberley now seeks to complete project financing to
fully fund Stage 1 construction via a third party commercial
loan facility
    ** SFX stock has risen 68.5% this year, as of last close
($1 = 1.3416 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com))