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Base Resources Limited (ASX & AIM: BSE) is a mineral sands producer, focused on the Kwale Mineral Sands Operations in Kenya, East Africa. In late 2013 the Company commenced production of ilmenite, rutile and zircon, with first export sales in early 2014. In the 6 months to December 2017, Base mined 5.9m tonnes of ore and generated revenues of AUS$115.9m

Kwale is located 10 kilometres inland from the Kenyan coast and 50 kilometres south of Mombasa, the principal port facility for East Africa. The project was acquired by Base in 2010. Following the completion of feasibility study enhancements and financing, development of Kwale commenced in October  2011. The project is based on a mine life of 13 years, and features a high grade ore body with a high value mineral assemblage. Kwale is a robust project, ramping up to an annual production of 80,000 tonnes of rutile, 360,000 tonnes of ilmenite and 30,000 tonnes of zircon, making Base a globally significant producer of mineral sands products.

The success of the Kwale Project provides a model and platform to launch Base on the next stage of its development. In December 2017, Base acquired the Toliara Sands Project in Madagascar, which is considered by Base to be one of the best mineral sands development projects in the world. It is underpinned by the Ranobe deposit which has a JORC 2012 Resource of 857m tonnes at 6.2% heavy mineral, including 612m tonnes at 6.7% heavy mineral in the Measured and Indicated Categories.


  • Keith Spence (NE Chairman)
    30 yrs in the oil & gas industry with Shell and Woodside.
  • Tim Carstens (CEO) Extensive natural resources experience both in Australia and overseas.  Tim is also Chairman of the Australia-Africa Minerals & Energy Group (AAMEG).
  • Colin Bwye (Exec Director – Operations & Development) 25 yrs experience in  mineral sands sector, having commenced his professional career with RGC Mineral Sands
  • Kevin Balloch (CFO) 25 yrs practical financial and management experience in a diverse range of industries
  • NED’s – Samuel Willis, Michael Stirzaker, Malcolm Macpherson, Diane Radley


AUS$ ~000
AUS$ ~000
Sales Revenue215,495169,039
(Cost of sales)(138,117)(133,620)
Profit from Operations77,37835,419
Profit/ (Loss) for the year21,031(20,919)
Balance Sheet2017
Cash & cash equivalents36,79036,295
Total Assets495,416535,179
(Total Liabilities)(260,624)(318,305)
Net Assets234,792216,874

Peer Group

  • Iluka Resources (ASX:ILU) : Mineral sands in Australia, W. Africa and USA
  • Kenmare Resources (AIM:KMR): Ilmenite in Mozambique
  • Mineral Deposits Ltd (ASX:MDL): Zircon & ilmenite in Senegal
  • MZI Resources (ASX:MZI): Leucoxene-rich project in WA
  • Sheffield Resources (ASX: SFX): Zircon & ilmenite in WA
  • Bluejay Mining (AIM: JAY): Ilmenite in NW Greenland
  • Savannah Resources (AIM: SAV): Ilmenite in Mozambique

Major Shareholders


  • Coline Bwye –  0.28%
  • Tim Carstens – 0.24%
  • Sam Willis – 0.01%


  • Pacific Road Capital Management – 21.55%
  • Sustainable Capital Ltd – 15%
  • Regal Funds Management Pty Ltd – 11%
  • Taurus SM Holdings Pty Ltd – 6.45%
  • M & G Investment Management – 6.17%

Macro Indicators

RFC Ambrian  (October 2017)
“Over the past 18 months the mineral sands industry has moved through an inflexion point, creating the most favourable outlook for companies in the past five years. Product prices for TiO2 feedstock and pigment have been rising, and both markets are tightening…Further positive factors include the draw-down of previously-built inventories, production outages and some capacity cutbacks in China (due to government environmental controls)…the medium- and longer-term outlooks are for prices of both titanium feedstock and zircon to continue rising, with robust demand expected and limited new supply on the horizon.”

Media Coverage

Investor’s Chronicle (April 2018)
“…there’s a lot about Base Resources’ (BSE) investment case that looks good on paper. Kwale, the group’s ageing mineral sands project in Kenya, is currently throwing off cash. In the six months to December, zircon prices were sufficiently high for Base to both cut A$51.7m (£28.2m) from its debt pile and pay for a costly stage-two optimisation programme, which should – touch wood – wring out the last of the project’s ore reserves by 2022. So long as titanium dioxide feedstocks remain in a structural supply deficit, there should be plenty more cash generation in the years until then.”


Broker Coverage

Numis (Feb 2018 – House Broker)
“…Net debt was reduced to US$65.6m during the period with a further US$6.5m debt payment made in January to reduce total debt outstanding to US$114m… Overall Base is in a very strong position, with Kwale generating NUMe>US$100m of free cash flow per year, debt rapidly being repaid and the company’s long-term production profile secured by the acquisition of Toliara.”

RFC Ambrian (Oct 2017)
“Management has established an enviable record of delivery — The development, commissioning and operation of the Kwale Project in Kenya has been achieved with remarkably little deviation from plan…Base is well positioned to benefit from the positive outlook for mineral sands pricing…We expect net debt to turn positive within 18 months (1QCY19).”

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