Base Resources Limited (AIM:BSE, ASX:BSE) said that a draft for an Memorandum of Understanding (MoU) with the Madagascan government for the Toliera project is well-advanced.
Lifting of the Toliara Project’s on-ground suspension is expected to occur upon entry into the MoU, which Base Resources believes to be achievable in the near term, the group said in the statement.
Discussions are also underway on the terms of the definitive investment agreement to be entered with the government that will replace the MoU and will establish the necessary legal foundation for the development of the Toliara Project.
In the quarter to end June, mineral sands ore reserves at Kwale were reduced by 6.6Mt as Base winds down the operation.