Base Resources (ASX: BSE) has added Westpac Banking Corporation and its associated companies as a new substantial shareholder with a 7.05% stake in the company.
Westpac holds 39.6 million shares, of which 33.9 million are held by BT investment Management.
Base has recently achieved a key milestone in the development of the Kwale Mineral Sands Project with the closing of the Mukurumudzi Dam as planned.
With a storage capacity of 8.5 gigalitres, the Mukurumudzi Dam is the primary water resource for the Kwale Project.
Closing the dam ahead of the impending wet season was a critical milestone in ensuring sufficient process water is available before commissioning of the processing plant.
Kwale remains fully funded and on-track for commissioning in the third quarter of 2013, followed by production in the fourth quarter of 2013.
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