Base Resources Limited (AIM:BSE, ASX:BSE), the African mineral sands producer, remains “highly optimistic” about its prospects against a backdrop of strong commodity markets.
In his last annual general meeting (AGM) before retiring from the board, company chair Keith Spence said the company had enjoyed another operationally and financially successful year.
“After some early volatility, markets for mineral sands products were remarkably resilient and finished the year very tight, with customer demand exceeding the company’s ability to supply,” Spence’s AGM statement said.
“The company remains intensely focused on extending Kwale mine life to maximise the value created by the Kwale development for shareholders, employees, the community and the nation of Kenya.
"Subsequent to the year end, the Kwale South Dune Ore Reserves estimate was updated and the Kwale Special Mining Lease extension was finalised, extending mine life to December 2023,” Spence told shareholders.
“The outcomes of the Bumamani PFS [pre-feasibility study] were also released, with the study concluding that higher grade subsets of the North Dune and Bumamani deposits can be economically mined, supporting an extended mine life to mid-2024,” he added.
Michael Stirzaker has taken over as chair from Spence.
“A director of Base Resources since 2014, and with over 30 years of commercial experience, Mr Stirzaker is well placed to take Base Resources into its next phase of development,” Spence said.