Base Resources Limited (AIM:BSE, ASX:BSE, FRA:B4Z) highlighted ongoing strong demand and said all its products are supported by price increases in the quarter.
The company, in its quarterly update, additionally told investors it has achieved production guidance for the 2021 financial year. Rutile production totalled 73,248 tonnes (against guidance of 70,000 to 80,000), 317,276 tonnes of ilmenite (300,000 to 320,000) and 27,122 tonnes of zircon (26,000 to 28,000).
For 2022, it is anticipating 73,000 to 83,000 tonnes of rutile along with 310,000 to 340,000 tonnes of ilmenite and 24,000 to 28,000 tonnes of zircon.
During the period it advanced key pieces of work towards mine development, with pre-feasibility completed for the Kwale North Dune project and begun pre-feasibility study for the Bumamani mine.
The company ended the period with US$64.9mln of net cash and the company noted that its quarter end position was impacted by the majority of sales occurring late in the quarter, resulting in a US$28.6mln increase in receivables.
Base also noted that its Tanzanian prospecting licences conditionally granted, adjacent to the Kuranze prospecting licence applications in Kenya.
It additionally added that talks with the Government of Madagascar on Toliara Project fiscal terms continued to progress.