Company Announcement: MZI Resources Ltd - Consolidates cash position with US$6m shipment
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MZI Resources Limited is pleased to announce that it has completed the fourth shipment of mineral sands product from its Lethbridge South mine in the Tiwi Islands, generating US$6 million in revenue. The sale, which is the last from Lethbridge South, will further consolidate MZI’s cash position, which stood at $5.6 million as at 31 December 2012. The latest boost to MZI’s balance sheet comes as the Company prepares to finalise the debt funding to develop its flagship Keysbrook mineral sands project in WA.
Two leading banks are currently undertaking due diligence on Keysbrook. The debt arrangements are scheduled to be completed next month, putting MZI on track to start construction later this quarter. Commissioning of Keysbrook is expected in the December quarter of this year.The sale of approximately 8,100 tonnes of Heavy Mineral Concentrate from Lethbridge South was made to China’s largest mineral sands processor, Tricoastal Minerals (Holdings) Company Limited.MZI will receive 90% of the sales proceeds early next week. The balance will be adjusted in accordance with assay results and will be received after the product has been shipped to Xiamen Port in China.
Rehabilitation at Lethbridge South has commenced and senior staff employed for Lethbridge South have been retained to work on the Keysbrook project. MZI has delayed a decision on removing the camp and concentrator at Lethbridge South until it completes a review of possible new small mining opportunities in the Tiwi Islands. MZI is currently progressing development approvals and planning for further exploration activities and early studies on its Kilimiraka mineral sands project on the Tiwi Islands.
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