The share price of mineral sands developer Sheffield Resources dropped by nearly 15% on Monday after the company announced a re-think at its Thunderbird project, in Western Australia.
Sheffield told shareholders that following a strategic business review, the company has decided to pause the hunt for a strategic partner to help finance and develop the project, as well as the project financing strategy in its current form, and instead would focus on changing the scale and product mix at Thunderbird to reduce capital costs and provide a more readily financeable project.