Annual Financial Report 2015
Perth, Sep 23, 2015 AEST (ABN Newswire) - The Directors present their report on the Consolidated Entity comprising MZI Resources Ltd (
ASX:MZI) and its controlled entities ("the Group") for the financial year ended 30 June 2015.
Review of Operations
During the year, the Group commenced construction and development of the Keysbrook Project in Western Australia.
The following significant achievements occurred during the year:
- Final investment decision for the Keysbrook Project;
- Execution and drawdown of finance facilities of approximately US$110m with finance providers, RMB Australia Holdings Limited ("RMB") and Resource Capital Fund VI L.P. ("RCF");
- Execution of an offtake agreement for approximately 65% of the Keysbrook Project's Leucoxene 88 ("L88") annual production with The Chemours Company;
- Execution and commencement of the lump sum, turn-key construction contact with GR Engineering Services Limited ("GRES") for the construction of a Wet Concentrator Plant ("WCP") and the upgrade and expansion of the existing Doral Mineral Sands Pty Ltd ("Doral") Mineral Separation Plant ("MSP"), with a value of $54.6m.
To view the Annual Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MZI-734537.pdf
About MZI Resources Ltd
MZI Resources Ltd (ASX:MZI) is a mineral sands company focused on the high value minerals of zircon, rutile and leucoxene based in Perth, Western Australia. Its flagship operating asset is the Keysbrook Mineral Sands Project, located 70km south of Perth. At the Keysbrook mine, mineral sands are mined and processed to produce heavy mineral concentrate (HMC) which is processed into final products under a toll treating arrangement with Doral Mineral Sands Pty Ltd at the Picton Mineral Separation Plant (MSP) near Bunbury.
The Keysbrook mine hosts a world-class zircon / leucoxene ore body with total Ore Reserves equivalent to over 15 years of production at design output rates, and total Mineral Resources equivalent to over 30 years of production. Production commenced in late 2015, making the Keysbrook Project Australia’s first – and the world’s largest - primary producer of high value leucoxene.
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