Base Resources Limited (LON:BSE) (ASX:BSE) told investors it has maintained operational consistency through the third quarter, while demand from customers has supported a steady price environment.
The company, in a quarterly update, noted that it retains health and safety protocols to minimise the risk of coronavirus (COVID-19) to personnel and surrounding communities.
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The group said it produced 65,863 tonnes of ilmenite and 15,513 tonnes of rutile in the third quarter, versus 84,843 and 19,035 respectively in the second quarter and 73,808 and 16,390 in the comparative period of 2019.
Base produced 6,000 tonnes of zircon and 426 tonnes of low-grade zircon in the quarter.
Sales totalled 75,502 tonnes of ilmenite, compared with 60,109 in the same period last year, 11,651 tonnes of rutile and 7,336 tonnes of zircon.
Financially, the company pointed out that with greater clarity over the risks and impacts of the COVID-19 pandemic, it has repaid US$50mln of a US$75mln revolving credit facility drawn earlier in the year.
Additionally, the company said it has continued talks with the Government of Madagascar on fiscal terms and has submitted a formal application for LGIM certification – which is the large-scale mining fiscal and legal stability regime.
Prospecting licence applications were lodged in the Kuranze region of Kwale county, and, elsewhere, lender technical due diligence for the Toliara project is said to be largely complete.
The company has decided to pay a dividend of 3.5 Australian cents per share based on the company’s strong financial performance in 2020.