Base Resources: Quarterly Activities Report – March 2018

18th April 2018 | Base Resources

HIGHLIGHTS

  • Strengthening of prices in all products.
  • Record zircon sales at 9.9kt.
  • Successful commissioning of Kwale Phase 2 optimisation project.
  • Commencement of the next phase of exploration drilling at Kwale Operations.
  • No lost time injuries.
  • Completion of the acquisition of the world-class Toliara Sands Project in Madagascar.
  • A$97 million capital raise completed, providing the funding for the initial US$75 million purchase consideration for the Toliara Sands Project.
  • Net debt further reduced by US$4.8 million to US$60.8 million, limited by peak KP2 spend, the Toliara Sands Project acquisition and sales receipt timing.
    “Figures” (graphics) referenced in this release have been omitted. A full PDF version of this release, including all Figures, is available from the Company’s website: www.baseresources.com.au.

African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) is pleased to provide a quarterly corporate, development and operational update for its Kwale Mineral Sands Operations (Kwale Operations) in Kenya. Corporately, completion of the transformational acquisition of the Toliara Sands Project and associated capital raising has allowed project development activities to now commence. Operationally, the focus has been on finalising the Kwale Phase 2 mine optimisation project with commissioning of the expanded wet concentrator plant underway and progressing to plan. On the marketing front, pricing for ilmenite, rutile and zircon have all strengthened during the quarter.

Announcement in Full