2% minerals royalty on a producing mineral sands mine in Western Australia


Keysbrook Leucoxene Pty Ltd


Western Australia, Australia




Mineral sands (Leucoxene, Zircon)


2.0% Minerals Royalty

Purchase Price

US$3 million


  • Producing asset in a safe jurisdiction: Open pit mineral sands mine in Western Australia, in production since 2015.
  • Stable cash flow generator: The mine has consistently generated royalty cash flow to Star Royalties since its acquisition in late 2020.

Asset Description

Keysbrook is an open pit mineral sands mine located 70 km south of Perth, Western Australia, Australia. The mine is owned and operated by Keysbrook Leucoxene Pty Ltd, a subsidiary of Doral Mineral Sands Pty Ltd, which is ultimately a subsidiary of Iwatani Corporation of Japan. Keysbrook’s primary outputs are leucoxene (a naturally altered ilmenite product) and zircon, and the mine has been in operation since late 2015.

The heavy mineral concentrate produced at Keysbrook is transported via road to Doral’s nearby Mineral Separation Plant for processing and the final products are then exported to global customers through the Ports of Bunbury and Fremantle, Western Australia, Australia.