Base Resources Ltd has reported price gains as well as record revenue to cost of sales ratio in the three months to 30 September 2022.
Strong demand for rutile, alongside ilmenite and zircon remaining stable, led to further price gains during the quarter, according to the mineral sands producer, whilst it also saw a revenue to cost of sales ratio of 3.6:1.
Average unit revenue increased to US$714 per tonne from US$691 last quarter, as did costs of goods, which rose from US$196 to US$200 per tonne.
Total operating costs also rose, climbing to $17.9mln from $17.4mln last quarter.
Base Resources said drilling had begun in Tanzania, with 74 holes for 1,548 metres drilled, while an auger drill programme has started north-east of the company’s ongoing Kwale operations.
It added that discussion with the Madagascan government on the fiscal terms for the Toliara project are “progressing positively”, whilst the project's rare earth concept study is due for completion early in the March 2023 quarter.