Base Resources Ltd (LON:BSE) generated revenue of US$72.8mln from its mining operations in Kenya in the six months to 31 December 2020.
EBITDA came in at US$33.9mln, while net debt was cut by US$50mln.
The net loss after tax was US$6.3mln, impacted by a Kenyan dividend withholding tax of US$4.5mln.
Net cash was US$74.6mln as at 31 December 2020.
The company paid its maiden dividend in October, and a half year dividend of A$0.03 has been determined.
Firm demand from pigment producers supported ongoing price improvement for ilmenite during the half-year. While zircon and rutile prices moderated in the reporting period, there are positive signs of a price recovery in early 2021, the comoany said.
The Toliara project progressed during the period, with practical completion of lender technical due diligence and submission by the company’s wholly owned subsidiary, Base Toliara SARL, of a Large Mining Investment Law application, which, if approved, will provide fiscal and legal stability.
Discussions with the Government of Madagascar on fiscal terms re-commenced in the period and are ongoing.