(MENAFN- ABN Newswire) Perth, June 30, 2016 AEST (ABN Newswire) - MZI Resources Ltd (ASX:MZI) is pleased to announce a record leucoxene shipment totalling approximately 15,250 tonnes from its flagship Keysbrook Mineral Sands Project, 70km south of Perth in Western Australia.
Highlights:
- Keysbrook makes record leucoxene shipment totalling 15,250 tonnes
- Shipment comprises maiden cargo of high grade L88 and second cargo of L70
- Cargo valued at approximately $9.8 million
- Total product sales of 31,400 tonnes completed since operations commenced
The record bulk shipment from the Port of Bunbury comprises the maiden cargo of premium L88 totalling approximately 8,250 tonnes, and a second cargo of L70 totalling approximately 7,000 tonnes for total L70 shipments to date of 13,825 tonnes inclusive of this shipment.
Sale proceeds from the shipment totalling $9.8 million have been recorded for the June quarter with payment to be received in July.
The record leucoxene shipment complements shipments of zircon concentrate which to date exceed 9,300 tonnes. Sales of all products since shipments commenced in late December 2015 now total approximately 31,400 tonnes, generating total sales revenue of $18.2 million. June 2016 quarter product sales total approximately 19,000 tonnes.
Shipment of the maiden cargo of L88 represents another significant milestone for the Keysbrook Project as production continues to ramp up, with sales of all Keysbrook products having now commenced.
MZI Managing Director Trevor Matthews said "The commencement of sales of our premium L88 product is a very important milestone for Keysbrook in this early stage of its operational life.
"Our continued progress is particularly encouraging coming amid signs of improving global demand for titanium dioxide feedstocks from both traditional end-users and new emerging sectors that bode well for prices in the medium and long term."
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.
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