Resource Capital Fund VI L.P.’s (“RCF VI”) portfolio company, MZI Resources Ltd., announced recently that it had completed commissioning and exported the first shipment of mineral sands at its main Keysbrook and Picton plant facilities in Western Australia.
MZI Resources’ shareholders initially approved a $58 million funding package from RCF VI in November 2014, negotiated to support the company’s completion of construction, commissioning and ramp-up at its Keysbrook project through to full production and positive cash flow.
On December 21, 2015, MZI Resources announced its first shipment of Keysbrook mineral sands to customers, approximately one month ahead of the original schedule. Commissioning was completed under budget several days earlier.
RCF Principal, Chris Corbett, said that the firm is pleased to support MZI Resources, particularly through the integral construction phase to the project completion milestone, which will eventually enable positive cash flow for the company.
“RCF is a strategic partner that consistently supports companies throughout market cycles and given that resources is our passion and our area of expertise, it’s always particularly positive when a company that we’ve supported through the development stage begins production,” said Mr. Corbett.
Please visit the MZI Resources website for more information and to read the full company release.