I did some research and I collected quarterly data on amounts...

I did some research and I collected quarterly data on amounts drawn from the loan facilities available to MZI since we started production in the end of Q4 2015. This is how the drawn loan facilities look like over time :

Financing facilities available (Loan Facilities) :

Amount drawn at quarter end $A’000 :

Q2 2018 : 177,376
Q1 2018 : 143,278
Q4 2017 : 138,716
Q3 2017 : 136,154
Q2 2017 : 134,180
Q1 2017 : 130,353
Q4 2016 : 136,713
Q3 2016 : 109,609
Q2 2016 : 112,128
Q1 2016 : 101,450
Q4 2015 : 112,192

It seems the amount of drawn loan facilities hit a ceiling in Q4 2016 (136,713,000 AUD ) then they started to increase again in Q4 2017 (138,716,000 AUD) which coincides with the additional capex needed to implement the expansion production plan from 4.50 Mtpa to 5.25 Mtpa, only for drawn loan facilities to increase even further during Q1 2018 and Q2 2018 reaching a whopping 177,376,000 AUD.

Hopefully, now that the expanded plan has been implemented successfully, the company doesent need any more loan facilities and we start paying back our loans with free cash flow reducing total debt levels.

I also checked the full year 2017 financial statements which contain the consolidated statement of financial position (as at 30 june 2017), page 30, we can see that :
Total liabilities (current + long term) for 2017 financial year : 153,120,000 AUD
Total liabilities (current + long term) for 2016 financial year : 126,155,000 AUD

For 2017 financial year, total borrowings were at 127,8 Million AUD (short term borrowings : 45,759,000 AUD + long term borrowings : 82,250,000 AUD).

full year 2018 (as at 30 june 2018) Financial statements should be published by end of september 2018, following the drawn loan facilities mentioned in the quarterly cash flow reports, we should expect total borrowings (short term + long term) to reach 177 Million AUD.

It seems that the company, in a life or death last chance bet, spent a huge amount of debt in order to expand production from 4.50 Mtpa to 5.25 Mtpa. They succeeded in implementing the new expanded production plan and the september 2018 cash flow quarterly results would be revelatory and would determine the future of the company IMO (if the keysbrook project is financially viable or not). Due to large fixed costs (70%+) and thanks to economies of scale, improving recovery rates and high runtimes of the plant, I am optimistic that at the new expanded 5.25 Mtpa plan the project is more than financially viable and would turn out to be a cash cow for MZI. Time will tell ! Good luck to all and happy multi-bagger hunting !

Hope that helped,