RSM congratulates Sheffield Resources on the completion of its joint venture with Yansteel

RSM is delighted to see the joint venture between Sheffield and Yansteel conclude today with the satisfaction of all conditions precedent, following the execution of binding definitive transaction documents earlier this year, marking the next chapter in the development of the Thunderbird Mineral Sands Project. 

joint ventureThis follows the positive Foreign Investment Review Board (FIRB) approval received by Yansteel in December 2020 for its investment in this world-class mineral sands project in the Kimberley region of Western Australia.

RSM is pleased to have advised Sheffield Resources Limited (Sheffield), along with Sheffield’s legal advisors, Jones Day and Ashurst, in connection with the $143m investment by YGH Australia Investment Pty Ltd (Yansteel), which was announced to the market in August 2020*.

The RSM team, led by Xiaowen Shi from the China Practice Group and Justin Audcent from Corporate Finance, introduced Yansteel as a strategic partner and advised Sheffield on the transaction, whilst RSM’s Tax Consulting team, led by Con Paoliello, provided tax advice on the investment structure. 

Xiaowen Shi said:

"One of the key objectives of our China Practice Group and corporate finance teams is to leverage our extensive Chinese networks and bring together strategic partners, create synergies and enable development opportunities

The conclusion of this transaction means that the Thunderbird project can now proceed to development, providing significant benefits to the State’s economy, the Kimberley community, and stakeholders generally”. 

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