Base Resources Limited

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Market Cap:
£110.13 m
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Toliara Project

Base Resources subsidiary, Base Toliara, operates the 100% owned Base Toliara Project in south-west Madagascar, 40km north of the regional town and port of Toliara. The Toliara Project is underpinned by the large, high grade Ranobe deposit, and is considered by Base Resources to be one of the best mineral sands development projects in the world.

The Ranobe deposit contains a JORC 2012 compliant Mineral Resource of 1,293Mt at 5.1% heavy mineral (HM), with 794Mt at 5.8% HM in the Measured and Indicated categories, sufficient to support a 40+ year mine life at a scale similar to the Company’s Kwale Operations. The high HM grade and mineral assemblage of the Ranobe deposit could produce a similar revenue per tonne mined to the Kwale Operations.

The Ranobe deposit benefits from low slimes (<5%), free running sands and no overburden, which should enable a simple mining and tailings methodology, as supported by completed mining trials. Process testwork to date suggests a technically straight forward flowsheet, using conventional mineral sands technologies, for the production of a significant quantity of ilmenite, together with zircon and rutile.

The Ranobe deposit has significant expansion potential and a drill program commencing mid-2018 aims to define the boundaries of the Mineral Resource, upgrade the existing Inferred Resource to Indicated status, and complete an Ore Reserve estimation.

The project is well advanced with mining license and environmental approvals already in place and is currently progressing through accelerated study phases, building on work previously completed and could be expected to commence production in the second half of 2021.

An artistic representation of the possible future development of the Toliara Project is available here.

For further information on the Toliara Project please follow this link to the Base Toliara website.


Kwale Mineral Sands Operations


Base Resources wholly-owned subsidiary, Base Titanium Limited, operates the 100% owned Kwale Mineral Sands Operations in Kenya, which commenced production in late 2013. 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. Over the first six years, production is expected to ramp up to produce an annual average 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.

Mining and Processing
The mining operations at Kwale are based on a conventional dozer trap mining unit (DMU), using Caterpillar D11T dozers to feed the DMU. The DMU is a cost effective method of mining, which is particularly well suited to the type of ore at Kwale. During Kwale’s 13 year mine life, Base expects to mine and process 140mt of ore, and produce 4.6mt of final product for sale.

Kwale is designed to process ore to recover three separate products – ilmenite, rutile and zircon. Ore is received at the wet concentrator plant (WCP) from the DMU via a slurry pipeline. The WCP removes slimes at a particle size less than 45μm, concentrates the valuable heavy minerals (ilmenite, rutile and zircon) and rejects most of the non-valuable, lighter gangue minerals. The WCP incorporates a number of gravity separation steps using spiral concentrators. The heavy mineral concentrate (HMC), containing 90 per cent heavy minerals, is then processed in the mineral separation plant (MSP).

The MSP cleans and separates the ilmenite, rutile and zircon minerals and removes any remaining gangue. This is accomplished by a combination of attritioning, electrostatic separation, magnetic separation, classification and gravity separation. The ilmenite and most of the rutile produced is then transported in bulk to Base’s own Likoni Port facility. The balance of the rutile and all of the zircon produced is containerised prior to transporting to the main Mombasa container port.

Transport and Infrastructure
A key feature of the Kwale Operation is its proximity to well-developed existing physical infrastructure. To support the mining operation, Base has constructed several additional dedicated infrastructure elements.

In late 2013, construction of a purpose built marine facility was completed at Likoni, south of Mombasa. The fully owned and operated port facility includes a storage shed capable of holding in excess of 80,000 tonnes and a 1,000 tonnes per hour ship loader. The loading facility provides access to the existing shipping channel associated with the main Mombasa port, which is the primary terminal for East Africa. Containerised rutile and zircon are exported through the main Mombasa container port.

Base also completed construction of an eight kilometre paved access road, which connects the mine site to the main coastal highway running between Mombasa and northern Tanzania. The bulk product is hauled 50 kilometres by truck from Kwale along this route to the port facility at Likoni.

Water is a key input for mineral sands projects. Supply for the Kwale Operation comes from the dedicated Mukurumudzi Dam constructed by Base and completed in the second half of 2013, providing 8.6 gigalitres of water storage. The south coast of Kenya enjoys two wet seasons annually. In addition, a borefield accessing a local aquifer has been constructed to provide a supplementary supply in the event of prolonged drought conditions.

Power for Kwale is supplied from the Kenyan grid via a Base-constructed, 132kVA power line from the Galu substation just 16 kilometres from the Kwale Operations site. The power line was commissioned in 2013 and the reliability of the supply has proved to be excellent with negligible downtime from outages or voltage dips.

For up to date information on the Kwale Mineral Sands Operations please follow this link to the Base Titanium website.


Keith Spence
BSc (Geophysics) (Hons)
Non-Executive Chairman

Mr Spence has over 30 years of experience in the oil & gas industry with Shell and Woodside. He retired from Woodside in 2008 after 14 years in senior executive roles including Chief Operating Officer and acting Chief Executive. Mr Spence is currently a Non‐Executive Director of Independence Group NL and Murray & Roberts Holdings Ltd (listed on JSE). Mr Spence was also Chairman of Clough Limited before its acquisition in late 2013.

Mr Tim Carstens
Bcom, ACA
Managing Director

Mr Carstens brings a diverse and substantial skill set to the development of Base Resources, having previously held senior executive roles with Perilya Limited, North Limited, Robe River Iron Associates, Iron Ore Company of Canada and St Barbara Mines Limited in operations, strategy, corporate development and finance, both in Australia and overseas. A chartered accountant by profession, he has successfully managed all aspects of business strategy development and implementation, acquisitions and divestments, debt and equity financing, organisational development and operational performance. Mr Carstens is also the Chairman of the Australia-Africa Minerals & Energy Group (AAMEG).

Mr Colin Bwye
BEng (Hons)
Executive Director – Operations & Development

Mr Bwye has over 25 years’ experience in the mineral sands sector, having commenced his professional career with RGC Mineral Sands (since consolidated into Iluka Resources) as a plant metallurgist in 1988. He undertook a number of technical, production and mining roles within RGC and then, after a period of time consulting to the industry, joined Doral Mineral Industries, a subsidiary of Iwatani Corporation of Japan. Here he was a leader in the development and operation of the Dardanup mineral sands mine in Western Australia before taking on the role of managing director and becoming accountable for the fused materials (zirconia and alumina) processing facilities as well as the mineral sands operation. In 2010 Mr Bwye joined Base Resources as Executive Director – Operations and Development.  Mr Bwye has an extensive knowledge of all aspects of the mineral sands industry, including downstream processing and marketing of mineral sands products. He was born in Kenya and lived there prior to migrating to Australia in 1987 and so brings a deep understanding of the country and its culture.

Mr Samuel Willis
Non-Executive Director

Mr Willis is an experienced company director in the resources and energy sectors and is currently a director of Checkside (a consulting firm that specialises in Strategic HR, Recruitment and Leadership), as well as non-executive director of oil and gas explorer Elixir Petroleum Limited. Mr Willis provides Base Resources with in excess of 15 years’ experience and expertise in capital markets, corporate finance and executive board involvement with emerging small and mid-cap companies.

Mr Michael Stirzaker
Non-Executive Director

Mr Stirzaker has over 30 years’ commercial experience, mainly in mining finance and mining investment.  He began his career in Sydney as a Chartered Accountant with KPMG, having obtained a Bachelor of Commerce from the University of Cape Town.  He moved into investment banking with Wardley James Capel (part of the HSBC Group) and then Kleinwort Benson Limited in London.  From 1993 to 2007 he was part of the natural resource advisory and investment firm, RFC Group Limited, where he became Joint Managing Director.  He has also been a shareholder and Director of Tennant Metals Pty. Limited, a privately owned physical metal trader and investor, and was the Finance Director of Finders Resources Limited, an ASX listed company with copper & gold projects in Indonesia.  In 2010, Mr Stirzaker joined the private equity mining fund manager, Pacific Road Capital Management Pty Limited as an Executive Director.  Pacific Road Capital is a major shareholder of Base Resources, with Mr Stirzaker appointed as Pacific Road Capital’s nominee on the Base Resources Board.

Mr Malcolm Macpherson
Non-Executive Director

Mr Macpherson is an accomplished business leader, with decades of experience in the global mining industry at executive management and board level.  Mr Macpherson spent 25 years from 1974 at Iluka Resources Limited, the world’s largest mineral sands company, rising from mine manager to Managing Director and Chief Executive Officer. He has previously held the position of Chairman with Azumah Resources Limited and Western Power Corporation and been a director of Portman Mining Limited and Minara Resources Limited. Mr Macpherson has also been the Senior Vice President of the Minerals Council of Australia, President of the Western Australian Chamber of Minerals & Energy, and a member of the Senate at Murdoch University.

Ms Diane Radley
BComm BCompt (Hons), CA(SA), MBA, AMP (Harvard)
Non-Executive Director

Ms Radley has over 25 years experience in senior leadership roles across multiple industries, most recently in financial services and investments. She served as CFO at Allied Electronics Corporation (JSE), Group FD at Old Mutual South Africa, and CEO of Old Mutual Investment Group. Prior to this she advised on a variety of transactions, listings and due diligences for large corporate acquirers and private equity funds in her role as Partner-in-charge of Transaction Services at PricewaterhouseCoopers in South Africa. Ms Radley is currently a non-executive director of Murray & Roberts Holdings Ltd (JSE) and a trustee of the DG Murray Trust.


Kevin Balloch
Chief Financial Officer

Mr Balloch has over 25 years’ practical financial and management experience in a diverse range of industries. This experience has involved all areas of corporate and treasury management, project financing, capital raisings, mergers and acquisitions, dual listings, feasibility studies and establishment of systems and procedures for new mining operations. Prior to joining Base, Mr Balloch held senior positions with Equinox Minerals Limited, a dual listed TSX – ASX resources company which developed the major Lumwana Copper mine in Zambia and resulted in Equinox being one of the world’s top 20 copper producers.

Stephen Hay
General Manager, Marketing

Mr Hay has 17 years of experience in the mineral sands sector with the past 14 years in mineral sands sales and marketing. Mr Hay worked for BHP Iron Ore and Woodside Petroleum before joining Iluka Resources in 1999. After establishing Iluka’s Shanghai office in 2008 and building it into a critical platform for Iluka’s business in the Chinese market, Mr Hay relocated back to Australia in 2011 to establish a minerals trading business for Iluka before joining Base Resources in 2012. Stephen has extensive knowledge and experience across all aspects of the mineral sands industry with a significant emphasis on products and markets.

Denham Vickers
BSc(Hons) Mining Engineering
General Manager, Operations

Mr Vickers is a mining engineer with over 35 years’ minerals industry experience in a variety of senior operational, development and consultancy roles. Mr Vickers graduated from Imperial College, London, with an honours degree in mining and has developed and managed various underground and open pit mining operations throughout Africa, South America and the South Pacific. Prior to joining Base, his most recent role was as Operations Manager for the development, commissioning and operationalisation of the Bisha VMS deposit in Eritrea for Nevsun Resources.

Colin Forbes
BSc Geography
General Manager, Environment & Community Affairs

Mr Forbes has considerable experience in environmental and social aspects in the resources industry. His previous positions included Social and Community Manager for African Minerals Ltd. in Sierra Leone and Resettlement Project Manager for Kibali Goldmines in the Democratic Republic of Congo. Prior to these, as Health, Safety, Environment and Community Manager for Tiomin Kenya Ltd., he managed the successful completion of the Kwale Mineral Sands Projects resettlement programmes and environmental and social impact assessments. He brings the necessary understanding of complex consultation requirements and has the demonstrated ability in team building and project management.

Since joining Base Titanium in 2011, he has developed the environment, community and security teams and now leads a contingent of just over 130 staff. The focus of his programmes are to foster a sense of mutual benefit with surrounding communities and stakeholders. This is achieved through enhancing relationships with local communities by the implementation of various community and environment projects. He is currently implementing a sophisticated agricultural livelihoods programme which brings together communities and other local stakeholders with market players and donor organisations to achieve sustainable development for smallhold farmers in the project area.

He has lived in various parts of Africa for over 40 years and, having spent most of those in Kenya, is now a Kenyan citizen. This background provides an acute understanding of social and environmental challenges in the area of Base’s operations.

Andre Greyling
BEng (Civil), PrEng
General Manager, Project Development

Mr Greyling is a civil engineer with 30 years’ experience in the development and implementation of projects in Africa and Australia. He held senior positions in engineering companies before joining Base Resources. Most recently he was the COO of Wave International (Pty) Ltd in Australia and before that the COO of Bigen Africa (Pty) Ltd, one of the leading engineering companies in Africa. Mr. Greyling was involved with the Kwale project since 2011 and played a significant role in the development and implementation of the access road, power supply, port facilities, water storage dam and tailings storage facility.

Jean Bruno Ramahefarivo
General Manager, External Affairs (Madagascar)

Mr Ramahefarivo has over 25 years of experience in mining, government and the not-for-profit sectors across Africa. Mr Ramahefarivo has responsibility for all aspects of stakeholder engagement for Base Resources in Madagascar including sustainable development, governance, corporate social responsibility, external affairs and socioeconomic project management. Prior to joining Base Resources his previous engagements spanned the mining, government and humanitarian organisation sectors, including roles with Rio Tinto and the Government of Madagascar.

Chadwick Poletti
LLB (Hons), BCom
General Counsel & Company Secretary

Mr Poletti is a practising lawyer and holds a Bachelor of Commerce majoring in Finance and Accounting. Mr Poletti has broad experience in advising directors of listed and unlisted public companies in relation to directors’ duties, the Corporations Act, the ASX Listing Rules, the AIM Rules for Companies and corporate governance. Prior to joining Base Resources, Mr Poletti was at international law firm, Ashurst, where he specialised in both domestic and cross border regulated and unregulated mergers and acquisitions, including takeovers and schemes of arrangement, capital raisings and corporate advisory and governance.

Base Resources Ltd
Level 1, 50 Kings Park Road, West Perth WA 6005
PO Box 928, West Perth BC 6872, Australia
Phone +618 9413 7400 Fax +618 9322 8912
Email [email protected]

Base Titanium Ltd
PO Box 1214, Ukunda 80400, Kenya
Phone +254 (0)20 513 0100
Email [email protected]

Media and investor queries
James Fuller
Manager, Communications and Investor Relations
Phone +61 (8) 9413 7426
Mobile +61 (0) 488 093 763
Email: [email protected]

Significant Shareholders of the Company:


Pacific Road Resources Fund II* 24.5%
Sustainable Capital Ltd 18.3%
Regal Funds Management Pty Limited 13.3%
UBS Group AG 7.2%
FIL Limited 7.2%



*Pacific Road Resources Fund II is comprised of Pacific Road Capital Management GP II Limited (a Cayman Islands company) as general partner of Pacific Road Resources Fund II L.P. and Pacific Road Capital II Pty Limited (an Australian company) as trustee of Pacific Road Resources Fund II.

Company Secretary
Chadwick Poletti

Principal Place of Business and Registered Office
Level 1, 50 Kings Park Road
West Perth WA 6005

Contact Details
Website: www.baseresources.com.au
Email: [email protected]
Telephone : + 61 (8) 9413 7400
Facsimile : + 61 (8) 9322 8912

235 St. Georges Terrace

Corporate Advisor & Nomad
RFC Ambrian Limited
QV1 Building 
250 St. Georges Terrace
Telephone +61 8 9480 2500
Fax +61 8 9480 2511

Matthew Armitt/ Detlir Elezi
Phone +44 20 3207 7800

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John Piror/ James Black/ Paul Gillam