MZI looking for new leader, raises debt
PERTH (miningweekly.com) – Mineral sands miner MZI Resources has secured a $16-million debt funding package with Resource Capital Fund, giving the company the financial flexibility to deliver on plant enhancements at its Keysbrook operation, in Western Australia, and to ensure the plant achieves targeted production rates.
The funds will be supplied on two tranches, with the first $6-million already available to MZI. The company said on Monday that discussions were well advanced on the second tranche, which would deliver an additional $10-million.
Meanwhile, MZI on Monday also announced the resignation of MD Trevor Matthews, after four-and-a-half years at the helm.
Nonexecutive director Dr Steve Ward has been appointed as interim MD while an executive search for the role is being conducted.
“Under Matthews' leadership, MZI’s greenfield Keysbrook project was successfully developed and has already produced, processed and shipped thousands of tonnes of high-quality mineral sands products to offtake customers around the world,” said MZI chairperson Rod Baxter.
“As the project transitions from early stage production, we agreed the time was right to bring in new leadership to deliver the plant enhancements required to achieve targeted production rates and ongoing improvements once those production rates are met,” he added.
The Keysbrook project is designed to produce over 95 000 t/y of high-grade mineral sand products, and is expected to have a mine life of more than 15 years.
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