Sheffield (ASX:SFX) share price whizzes 34% higher, hitting 52-week-high

The Sheffield Resources Ltd (ASX: SFX) share price whizzed higher today, hitting a 52-week high of 48 cents in mid-afternoon trade before retreating. This comes after the Foreign Investment Review Board (FIRB) gave the nod for an investment by its proposed joint venture partner, YGH Australia Investment Pty Ltd.

At close of trade today, the Sheffield share price was swapping hands for 39 cents, up 21.87%.

What’s driving the Sheffield share price up today?

In today’s release, Sheffield advised that FIRB has cleared the pathway for Yansteel to invest $130.1 million in a 50% stake of the Thunderbird Mineral Sands project. The favourable outcome will see Sheffield and Yansteel become equal strategic partners.

Both parties will…