Sheffield Resources (ASX:SFX) has released its quarterly activities report for the period ending 30 September 2024. The report highlights significant operational achievements at the Kimberley Mineral Sands operation, where the company holds a 50% interest. Despite challenging market conditions in China, the Thunderbird Mineral Sands Mine delivered strong production figures.
Sheffield Resources' recent quarterly report showcases robust mine production at the Thunderbird Mineral Sands Mine. The company mined 2.6 million tonnes of ore, producing 154,260 tonnes of concentrate, with plans to maintain this momentum throughout FY2025. Despite deferred zircon shipments due to weaker demand in China, the company anticipates resuming and surpassing production levels in the coming quarter. Financially, Sheffield managed operations with a $9 million cash balance and secured a $14 million prepayment to bolster working capital. Looking ahead, the company is implementing cost-reduction initiatives and exploring portfolio expansion in Brazil and Sri Lanka. Sheffield remains committed to improving recovery rates and adapting to market conditions.
Despite challenging market conditions in China, the Kimberley Mineral Sands operation achieved strong production metrics. We are focused on optimizing operations and addressing market challenges.