Base Resources revenues hit another quarterly record as prices of all three of its mineral sands metals jumped sharply over the year.
“Markets for all products remained strong with further price gains achieved for zircon and rutile while net ilmenite prices were steady,” said the Aussie-based miner, though China’s COVID-19 management policies will likely mean prices there are steady in the current quarter.
For the quarter, sales were US$91.3 mln with the high metal prices pushing the revenue to cost of sales ratio to an all-time high of 3.5:1.
In the three months to June, production totalled 83,800 tonnes of ilmenite, 19,200t of rutile and 6,800t of zircon.
For the year, Base produced 74,359t of rutile, 325,0000t of ilmenite and 25,500t of zircon, all of which were within its guidance range.
In 2023, Base is predicting production to drop slightly due to the start of mining in Kwale North Dune, which has a lower metal grade
In Madagascar, discussions are ongoing with the government over the fiscal terms for the Toliera project, Base added.
On 30 June, Base had net cash of US$55.4mln.