Base Resources Ltd (LON:BSE)(ASX:BSE) has completed its acquisition of the Toliara Sands project in Madagascar.
Base has now paid the initial US$75mln up-front consideration, thereby acquiring an initial 85% interest in Toliara Sands.
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Base Resources will acquire the remaining 15% interest with a further US$17mln payable on achievement of key milestones, as the project advances to mine development.
“The Toliara Sands Project is a transformational acquisition and represents a significant step in execution of the Company’s strategic plan,” said Base managing director Tim Carstens.
“We are excited to now proceed with the development of what we consider to be one of the very best mineral sands projects in the world. The strong support demonstrated by institutional and retail shareholders, as well as the Base Resources management team, through participation in the capital raising reflects a shared enthusiasm.”
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Base is already producing mineral sands from its Kwale project in Kenya.