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Base Resources still upbeat over Toliara but alert to other projects

Minerals sands miner switched to a new section of the deposit with zero injuries

Base Resources Limited - Base Resources still upbeat over Toliara but alert to other projects
The Kwale mine in Kenya

Base Resources Limited (LON:BSE) is continuing to talk with the government of Madagascar over the fiscal terms for its Toliara minerals sands project.

On-the-ground activities have been suspended at the project pending the outcome of the discussions.

Ahead of its annual meeting, chairman Keith Spence said Base hopes to “secure agreement in a timely manner on mutually beneficial and sustainable fiscal terms”.

Work on the definitive feasibility study (DFS) commenced during the year and remains on target for completion next month ahead of a construction decision in 2020. 

“Financing arrangements for the Toliara Project development are progressing in parallel with the DFS. 

“If a decision to proceed is approved on this schedule, the project timetable is expected to have the Toliara Project in operation by 2022.

“In the Toliara Project, we are confident that we have one of the best, undeveloped mineral sands assets in the world but Base Resources remains alert to additional opportunities to further build our portfolio of assets, capitalise on our strengths and build an attractive investment profile.”

At its core operation at Kwale in Kenya, Base highlighted that despite the switch to production at the South Dune area there were no injuries recorded and indeed the miner has not recorded a lost-time injury since 2014.

Spence added that numerous mine life extension and near-mine exploration options are being pursued, while a number of new prospecting licence applications have been submitted elsewhere in Kenya.

“Kwale Operations is a consistent and strong cash generator with extensional potential, the Toliara Project is an exciting development opportunity, market conditions are supportive, and we have an outstanding team,” Spence concluded.

Quick facts: Base Resources Limited

Price: 9.75 GBX

Market: AIM
Market Cap: £114.23 m

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