Base Resources Ltd, a mineral sands producer and developer, reported record revenue for the March quarter as strong demand supported further price increases for all of its products.
Sales revenue jumped to $740 per tonne from $478 in the year-earlier quarter.
The company said production from its Kwale operations in Kenya was consistent and in line with its FY22 guidance.
Ilmenite production climbed 0.4% from the year-earlier quarter to 84,500 tonnes (t); rutile output dipped 3.1% to 18,900t, while zircon production fell 15% to 6,300t.
Base Resources said it secured higher prices for all of its products in the current quarter.
“While some demand-side concerns are emerging from China’s COVID-19 management policies, as well as global inflationary pressures, the company’s markets remain firm and further price gains have been achieved for all products early in the June quarter,” it said in a quarterly activities report.
“The Ukraine conflict is expected to significantly disrupt supply of Ukrainian mineral sands into the global market for the foreseeable future – further tightening the market for all products.”