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A few days ago, the turning ceremony of Yangang's Australia Thunderbird Project's first ship of 23,000 tons of ilmenite "Yulong Ridge" was held at the Caogang West Port Terminal of Hebei Port Group. Caofeidian Port Group Co., Ltd., Caofeidian Port West Port Terminal Co., Ltd., Hebei Yanshan Iron and Steel Group Co., Ltd., Beijing Yangang Steel Co., Ltd., Hebei Jicheng New Materials Co., Ltd., Thunderbird Mine, Sinotrans °(Tangshan) Logistics Co., Ltd., Huayang Shipping, Xintianlong Shipping Agency Company attended the ceremony.
The arrival of the first ilmenite ship of Yangang's Australian Thunderbird Project marks a new achievement in the strategic cooperation between Caofeidian Port and Hebei Yanshan Iron and Steel Group Co., Ltd. The project is expected to have 30,000 - 40,000 tons of foreign trade cargo arriving in the port every month, which will provide strong support for the Xigang Terminal to optimize the cargo structure and enhance profitability.
Yangang, through its subsidiary Yansteel, partnered with Australia's Sheffield Resources (ASX: SFX) to jointly develop the Thunderbird mineral sands project on the Dampier Peninsula in Western Australia.
The main goal of the project is to extract zirconium middlings and ilmenite from ore and export them to China, which are mainly used in the production of ceramics and coatings. Sheffield Resources has stated that the Thunderbird project is one of the largest and most important ore projects in the past three decades and has received support from the state and federal governments.
Yangang's investment in the project reached A$130.1 million, which was used to acquire a 50% stake in the Thunderbird project. In addition, Sheffield Resources also completed a 9.9% placement to Yangang for approximately A$12.9 million. The two sides also signed a supply agreement under which Yangang will purchase all ilmenite produced in the first phase and use the processing plant it is building to process it.
