Since March 2021 more than $210 million has been spent on construction and early works
KSM has secured offtake contracts for about 80% of the revenue from stage 1 production.
With NAIF cash in hand Kimberley Mineral Sands will move toward financial close.
The JV is still seeking third-party financing for stage 1.
KMS has secured offtake contracts for about 80% of the revenue from stage 1 production.
Thunderbird's zircon products and ilmenite are suitable for manufacturing titanium dioxide pigment.
KMS will produce a zircon rich non-magnetic concentrate and low temperature roast ilmenite.
Sheffield MD Bruce McFadzean says signing is a major milestone toward development of Thunderbird.
Under the terms of the JV Yansteel will pay $130.1 million for 50% of Thunderbird.
Sheffield will also carry out trial mining to confirm mining plant design and costs.