MZI half-year output up, enhanced operating plan rolling out
JOHANNESBURG (miningweekly.com) - ASX-listed mineral sands company MZI Resources saw its heavy mineral concentrate output rise 9% to 53 239 t during the six months to December 2017, while saleable production increased by 35% to 39 251 t.
Sales volumes also increased by 47% to 29 750 t compared with the prior corresponding half. Operating costs were negatively impacted by interruptions related to the operational upgrade and modification programme, with C1 unit cash costs increasing to an average of $629 a dry metric tonne (dmt) in the quarter, from $500/dmt in the prior quarter, and averaging $557/dmt for the half-year.
Total cash costs averaged $943/dmt in the quarter and $838/dmt for the half-year. Both C1 and total cash costs are forecast to decline over the remainder of the financial year once the miner's operating plan is fully implemented.
The plan will result in a throughput increase at its Keysbrook operation, in Western Australia from four-million tonnes a year achieved in 2017 to 5.25-million tonnes by the fourth quarter of 2018, as well as incremental low-capital cost modifications to the Keysbrook flowsheet.
As part of the plan, MZI requires additional working capital liquidity over the next quarter to manage the step up in operational activity, as well as the consequent increase in inventory levels within the production and sales chain.
Further funding has been provided through a $5-million increase to the company's existing additional working capital facility with major shareholder Resource Capital Fund.
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