Base Resources Limited (LON:BSE, ASX:BSE) on Monday confirmed that it is has been cleared to acquire the Toliara Sands project, with the proposed transaction becoming unconditional.
The deal to acquire an 85% stake in Mauritian subsidiaries of World Titane Holdings, which own the Toliara Sands project, is now expected to be completed next week.
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Toliara has a large, high grade resource of 857mln tonnes at 6.2% heavy minerals, with 612mln tonnes in the measured and indicated categories at 6.7% heavy minerals.
The plan is to put Toliara Sands into production in mid-2021. Crucially, key permits are in place, including mining lease and environmental approval. An established legislated land acquisition process is underway and scheduled for completion in mid-2018.
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Base launched the transaction in mid-December and it will pay US$75 mln for an 85% interest, acquiring the final 15% on the completion of certain milestones.