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Thunderbird Mineral Sands Project sees financial backing
International law firm Allens has advised the Northern Australia Infrastructure Facility (NAIF) on its $160 million financing of the Thunderbird Mineral Sands Project.
Emma Musgrave
Firm: Allens (NAIF)
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Deal: NAIF has been advised on the financing of the Thunderbird Mineral Sands project.
Value: $160 million
Area: Banking and finance, projects
Key players: The Allens team was led by partner Scott McCoy and supported by partners Tristan Iredell and Eve Lynch, finance consultant Isabel Cropley, senior associates Michael Gibling and Darcy Doyle, associate Chathurika Ravindra, lawyer Paddy O’Brien and graduate Joshua Graffi.
Deal significance: The Thunderbird Mineral Sands project, based in the Kimberley region of Western Australia and a joint venture between Sheffield Resources and Yansteel, is forecast to generate 570 jobs over its lifetime, 225 during construction and 345 ongoing operational roles for the life of the mine, a statement from Allens said.
Production is expected to begin in early 2024. Once in production, it is expected the mine will produce about 6.5 per cent and 3.5 per cent of the world’s zircon and ilmenite, respectively, the firm added.
“NAIF plays an important role in the development of Northern Australia, and we are pleased to have supported them with the financing of the Thunderbird Mineral Sands Project,” Allens lead partner Scott McCoy said.
“This is a significant project not only as one of the largest and highest-grade mineral sands deposits globally but also because of the benefits it will bring to the local community. We are particularly proud to have supported on a project with such strong commitments to creating jobs and delivering economic outcomes for the local Indigenous community.”
