viewBase Resources Limited

Base Resources disappointed by suspension of Madagascar project

The company said work on its definitive feasibility study for the mineral sands deposit is unaffected

Base Resources Limited -
Base intends to release the DFS on schedule in December

Base Resources Limited (LON:BSE) has been told to suspend on-the-ground activity at the Toliara mineral sands project in Madagascar while fiscal terms are agreed.

The company said work on its definitive feasibility study for the development is unaffected as all necessary on-ground works have been completed.  

Base intends to release the DFS on schedule in December, it said today.

"The Toliara Project enjoys broad community support, locally, regionally and nationally, as the significant economic and social benefits are clear," it added.

A group of farmers, however, vandalised its campsite in April and were given suspended prison sentences.

Their actions are the basis of the suspension according to Base, a move by the government it described as disappointing.

“The company will continue to engage in a transparent and respectful dialogue with Government to deepen its understanding of the significant benefits of the project to Madagascar and secure agreement on mutually beneficial fiscal terms that represent a sound and sustainable basis on which the Toliara Project may proceed to development.”

Minerals sands are a source of ilmenite, which is used as a whitening agent in paints and toothpaste.

Quick facts: Base Resources Limited

Price: 8.75 GBX

Market: AIM
Market Cap: £102.52 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Base Resources Limited named herein, including the promotion by the Company of Base Resources Limited in any Content on the Site, the Company...



Full interview: Base Resources Kwale operations enters new phase and Toliara...

Base Resources Limited (ASX:BSE) (LON:BSE) chief financial officer Kevin Balloch updates Proactive on the highlights of its half year results. The company has had a successful ramp-up of mineral sands mining operations on the South Dune ore body at the Kwale operations in Kenya and continues...

on 28/2/20

2 min read