MZI Resources Ltd: Funding Secured to Extend Mining Access at Keysbrook
29.05.2017 | ABN Newswire
Perth - MZI Resources Ltd. (ASX:MZI) is pleased to announce it has secured funding to progress its strategic land access program. This will support future operations at its flagship Keysbrook mineral sands operation, 70km south of Perth, including the potential for future growth.A US$5 million debt financing provided by the Company's major shareholder Resource Capital Fund VI L.P. ("RCF") has been secured on market competitive terms and conditions.
The debt financing is subject to the Company securing a waiver of Listing Rule 10.1 by the ASX and will be combined with, and be on similar terms and conditions as, the debt funding package provided by RCF in November 2016. Details of this package were disclosed in the Company's ASX release on 29 November 2016.
MZI Interim Managing Director, Dr. Steve Ward commented "The injection of funds at this time enables the Company to pursue further arrangements with landowners for mining access in line with the Company's long term mine plan. This strategic action is a key part of our forward planning for Keysbrook. We thank RCF for their ongoing support which demonstrates a real vote of confidence in the Keysbrook operations and their future."
About MZI Resources Ltd:
MZI Resources Ltd. (ASX:MZI) is a mineral sands producer focused on the high value minerals of zircon and leucoxene, and owns the newly commissioned Keysbrook Mineral Sands Mine, 70 km south of Perth in Western Australia.
Development of Keysbrook was completed ahead of schedule and within budget in October 2015, and completed its first shipment of zircon concentrate in December 2015. Keysbrook is designed to produce approximately 96,000 tonnes of zircon concentrate and leucoxene annually, with over 85% of all planned production committed under offtake contracts with blue chip international customers
Contact:
MZI Resources Ltd.
Steve Ward Interim Managing Director
T: +61-8-9328-9800
www.mzi.com.au