MZI Resources says a fourth and final shipment of mineral sands from its Lethbridge South mine in the Tiwi Islands will bolster its cash position ahead of sod turning for its flagship Keysbrook mineral sands project in the State's South West.
MZI said the final shipment of 8100 tonnes of mineral sands from the mine to China's Tricoastal Minerals had generated $6 million in revenue and boosted its cash reserves by $5.6 million.
The company expects to finalise debt funding for Keysbrook next month with construction scheduled to begin before the end of the quarter.
The zircon/leucoxene rich mineral sands project is expected to be commissioned in the December quarter. The project has an expected life of 11 years.
MZI said it had delayed a decision on removing the camp and concentrator at Lethbridge South until it completed a review of possible new small mining opportunities in the Tiwi Islands.
The company said it was progressing development approvals and planning for further exploration activities and early studies on its Kilimiraka mineral sands project on the islands.MZI shares were up 0.1 cents, or 3.85 per cent, to 2.7 cents at 8.25am.
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