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Base boosts profits and free cash from Kwale mineral sands operation

Published: 08:19 28 Feb 2017 GMT

Base-Resources---mineral-sands---hands
Profits from mineral sands production are up

Shares in mineral sands producer Base Resources Ltd (LON:BSE) were broadly flat at 18.12p after the company released a good-looking set of interim results for the period to 31 December 2016.

However, across that period the shares had already performed very strongly, and indeed over the last 12 months have risen sixfold, from a price of less than 3p a year ago.

The interims give a clear indication as to what’s underlying that strength: overall costs fell marginally despite an increase in sales volume and costs per tonne of goods produced dropped from US$138 per tonne in the comparable period a year ago to US$130 per tonne this time round.

Sales volumes of 236,488 tonnes of ilmenite, 42,796 tonnes of rutile, 17,957 tonnes of zircon and 3,397 tonnes of zircon low grade were up 5% on comparative period total sales volume.

Revenue was up 11%, net profits up 134%, and free cash flow up 216%.

Clearly, the recovery in the mineral sands business is underway.

 

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