MANAGEMENT

Sheffield sells McCalls

WITH the sale of its McCalls mineral sands project in Western Australia’s Perth Basin to Image Resources, Sheffield Resources has put another $12 in the kitty to develop its Thunderbird mineral sands project in WA’s Kimberley.

McCalls is in Boonanarring's back yard.

McCalls is in Boonanarring's back yard.

This is the second Sheffield project Image has bought. It bought Sheffields' Eneabba project, also in the Perth Basin, late last year.

With the Eneabba sale Sheffield has put together $36 million towards Thunderbird.

Sheffield Resources executive chairman Bruce Griffin said he was pleased the company could get meaningful value for its non-core McCalls asset.

"This transaction is consistent with Sheffield's strategy of focusing on our core Thunderbird asset," he said.

"It is particularly pleasing to be able to divest the McCalls project to Image, following our sale of Eneabba to Image in late 2021, given the strong alignment of these assets to their growth strategy."

Image managing director and CEO Patrick Mutz said McCalls was literally in Image's back yard at Boonanarring.

"While the overall grade is low, this can be managed with an appropriate economy-of-scale coupled with lower cost mining and processing methods," he said.

"Importantly, while a number of other massive mineral sands deposits are challenged with finer grain minerals, lower grade titanium dioxide minerals and higher uranium and thorium, McCalls contains medium grain minerals, has high quality TiO2 and low uranium and thorium."

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