Doral Mineral Sands Pty Ltd agreed to acquire Keysbrook Leucoxene Pty Ltd from MZI Resources Ltd (ASX:MZI) for AUD 32 million on June 28, 2019. Sale will occur on a cash free and debt free basis. On completion of the sale, Doral’s intention is to continue to operate the Keysbrook mine on a ‘business as usual’ basis, including working with existing suppliers, customers, land owners and other key stakeholders. The sale is conditional on no material adverse change occurring, and that certain material contracts are not terminated, prior to completion. The sale is expected to complete on or around July 1, 2019. Azure Capital and Corrs Chambers Westgarth are acting as financial and legal advisers respectively to the voluntary administrators of MZI in relation to the sale. Mitsubishi UFJ Morgan Stanley Securities acted as a financial advisor to Doral Mineral Sands Pty Ltd. Simon Reed, Bruno Camarri, Geoff Kerrigan, Michael Denny and Thea Lendich of Herbert Smith Free hills acted as legal advisor to Doral Mineral Sands Pty Ltd. Azure Capital Pty Ltd. acted as financial advisor to MZI Resources Ltd (ASX:MZI) and Corrs Chambers Westgarth acted as legal advisor to MZI Resources Ltd (ASX:MZI).