The company has already cut back Thunderbird’s development earlier this year while it pursued potential funding partners.

It has now identified development strategies that include a zircon rich product stream in conjunction with alternative ilmenite streams.

This scope and product mix hope to maximise returns compared with previously announced bankable feasibility study (BFS) outcomes.

The BFS released last year delivers a pre-tax rate of return of 30.1 per cent, and earnings before interest, tax, depreciation and amortisation (EBITDA) of $6.87 billion over a mine life of 37 years.

Sheffield intends to road-test development pathways with key stakeholders and funding partners prior to determining a preferred project scope for Thunderbird’s development.

It stated that all major components of the development strategy remained consistent with previously completed feasibility studies.

The company also appointed an executive director, Bruce Griffin, following his involvement in developing the Thunderbird project.

“Bruce’s deep understanding of the global mineral sands industry, coupled with his broad operational and capital markets experience will prove invaluable as we progress the development of the Thunderbird mineral sands project,” Sheffield managing director Bruce McFadzean said.