Base Resources Limited (LON:BSE) has told investors that its production guidance remains unchanged as it released its quarterly activities report.
The mineral sands producer, for the full year, expects to unearth 88,000 to 84,000 tonnes of rutile, 450,000 to 480,000 tonnes of ilmenite, and 35,000 to 40,000 tonnes of zircon.
It highlighted a strengthening of prices for all products in the quarter ended March 31, and noted record zircon sales of 9,900 tonnes at the company.
READ: Net profits up 466% at Base Resources, as mineral sands markets continue to grow
Phase 2 optimisation was commissioned at the Kwale project. The group also kicked off new exploration efforts at Kwale.
Also in the period, the company completed its acquisition of the world-class Toliara Sands Project in Madagascar. It raised A$97mln and made the initial US$75mln payment for the acquisition.
Base produced 112,3687 tonnes of ilmenite in the quarter and sold 122,783 tonnes.
Rutile production amounted to 23,107 tonnes while sales totalled 21,416 tonnes. It produced 8,212 tonnes of zircon and sold 8,069 tonnes, plus 2,474 tonnes of low grade zircon with 3,059 tonnes of sales.
Net debt was reduced in the period, down US$4.8mln to US$60.8mln.