Squire Patton Boggs acted for Hong Kong-based Yansteel, which has entered into a joint venture with mineral sands miner Sheffield Resources Limited. Yansteel will take a 9.9% stake in Sheffield for about AU$13 million in a placement and enter into an offtake deal by which Yansteel will take 100% of ilmenite production from Sheffield’s Thunderbird mineral sands project.
The firm has also been instructed to act in the AU$130 million joint venture investment. The construction of the project is expected to create 400 construction jobs and 200 operational roles over the 37-year mine life.
The completion of the joint venture arrangements will enable Sheffield to complete the AU$478 million funding requirement for stage one of Thunderbird.
The transaction is subject to Foreign Investment Review Board approval.
The team from Squire Patton Boggs was led by Tony Chong, who was assisted by a multidisciplinary team, including Tina Zhou, Josh Walsh, Blair Strickland, Alix Poole, Charlotte Osborne and Isabella Mosole. Sheffield Resources was advised by Jones Day.