Doral Mineral Sands will pay A$32 million, plus future landowner debt obligations.
The sale will occur on a cash-free and debt-free basis, with major creditors Resource Capital Fund VI and RMB Australia Holdings to release security over the sale assets prior to completion.
Doral intends to operate Keysbrook on a ‘business as usual' basis, including working with existing suppliers, customers, land owners and other key stakeholders.
Voluntary administrator and McGrathNicol restructuring partner Rob Kirman said the transaction would deliver proceeds to RMB and maintain continuity for Keysbrook employees, suppliers and customers.
Doral is a WA-based mineral sands producer owned by Japan's Iwatani Corporation.
MZI fell into administration in April, triggered by RMB, with $132 million in debt.
It was already in discussions with potential Keysbrook buyers at the time of its collapse.
Keysbrook is the world's largest producer of leucoxene, a fine granular alteration product of titanium minerals.