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Sheffield Resources is a mineral sands-focused explorer and developer, while CI Resources recently acquired phosphate miner Phosphate Resources.
For investors focused on the resource space, a good way to track companies listed in Australia is to look at the S&P/ASX 300 (INDEXASX:XKO). The index includes all S&P/ASX 200 (INDEXASX:XJO) companies as well as about 100 smaller-cap companies, and as of April 2015 accounted for 74 percent of the Australian equities market. Specifically, the S&P/ASX 300 Metal & Mining (INDEXASX:XMM) division is a great source for companies to watch.
The Investing News Network is thus profiling companies on the S&P/ASX 300 Metal & Mining index. This week’s companies are Sheffield Resources (ASX:FSX) and CI Resources (ASX:CII).
Sheffield Resources is a mineral sands-focused explorer and developer. Its main focus is the Thunderbird mineral sands project in Western Australia, but it is also evaluating the Eneabba and McCalls mineral sands projects. Furthermore, Sheffield holds a number of iron-focused exploration licenses in the Pilbara region of Western Australia, as well as several tenement holdings in the Fraser Range nickel province, with the most advanced being the Red Bull project.
Most recently, Sheffield announced the identification of 12 new nickel and gold targets in the Fraser Range. The company was also granted three new exploration licenses, expanding its footprint in the area.
CI Resources recently acquired Phosphate Resources, a company that has mined phosphate on Christmas Island since 1990. Christmas Island is an Australian territory located off the north coast of Australia. Phosphate Resources is the largest employer on the island, owning a number of subsidiaries that operate fuel and earthmoving operations.
Two directors of the company, Chan Khye Meng and Phua Siak Yeong, resigned as directors of CI Resources on July 1, but will remain directors of Phosphate Resources, now a subsidiary of CI Resources.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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