Base Resources Ltd (LON:BSE) said it has drawn down the full US$75mln available under its existing revolving credit facility.
As at February, 29, 2020, Base had cash reserves of US$37.7mln and no debt.
Under the terms of the revolving facility, there are no mandatory repayments until June 30, 2021, when the available facility reduces to US$50mln. The final maturity date is December 31, 2021.
Base Resources said it's significant combined cash reserves make it well placed to emerge from the current crisis in sound financial shape and to capitalise on appropriate emergent opportunities.
It added that, supported by sound customer demand, production at the company’s Kwale mineral sands operation in Kenya has continued uninterrupted, with broad health and safety procedures implemented to minimise the risk of coronavirus to personnel and surrounding communities.