Shares in Sheffield Resources tumbled this morning after the aspiring mineral sands miner revealed late yesterday that the Full Federal Court had upheld a native title appeal over its Thunderbird project in the Kimberley.
Sheffield said the court had upheld an appeal lodged by the Mount Jowlaenga Polygon 2 claimant group about what the National Native Title Tribunal was obliged to consider in deciding whether the company had negotiated in good faith.
The company noted the court’s decision was based on a technical argument in relation to the tribunal’s interpretation of the time period for which negotiations needed to be assessed.
“Importantly the court made no finding that Sheffield had not negotiated in good faith,” it said in a statement yesterday.
“The tribunal will now reconsider whether Sheffield negotiated in good faith, taking into account a revised time period.”
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