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Base Resources hails ramp up at South Dune in interim results

Managing director Tim Carstens said the company will continue to “pursue mine life extension opportunities” at its Kwale project, where South Dune is located

Base Resources Limited - Base Resources hails ramp up at South Dune in interim results

Base Resources Limited (LON:BSE) has hailed a successful ramp up of its mining operations at the South Dune orebody in Kenya as it delivered results for the first half of its current year.

Looking ahead, managing director Tim Carstens said the company will continue to “pursue mine life extension opportunities” at its Kwale project, where South Dune is located, adding that the company was also in discussions with the Madagascan government regarding fiscal terms for its Toliara mineral sands project.

WATCH: Base Resources Toliara Project assays reveal high-grade mineralisation

Carstens said the firm was also “progressing offtake and funding arrangements” for Toliara as it worked towards a final investment decision in the second half of 2020.

For the six months ended 31 December, the AIM-listed firm reported production of 36,201 tonnes of rutile, 165,214 tonnes of ilmenite and 14,904 tonnes of zircon from its projects, lower year-on-year as a result of lower grades at South Dune and the ramp up of operations.

Revenues for the period were down to US$83.4mln from £102.2mln in 2018, while pre-tax profits were down to £12.9mln from £22.6mln.

In mid-morning trading, Base Resources shares were 2.1% lower at 11.5p.

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Quick facts: Base Resources Limited

Price: 14 GBX

AIM:BSE
Market: AIM
Market Cap: £164.92 m
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