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Base Resources says Kwale operations continue uninterrupted

Shares strengthened on the miner's positive quarterly update

Base Resources Limited - Base Resources says Kwale operations continue uninterrupted

Base Resources Limited (LON:BSE) has told investors that operations at the Kwale project in Kenya continue uninterrupted, with procedures in place to minimise the coronavirus (COVID-19) risks to its personnel and communities.

In a quarterly update, the company highlighted production increases from prior quarter across all products. It also noted ongoing demand from customers, with ilmenite and rutile prices continuing to strengthen in the quarter. Base said it is maintaining its production guidance for 2020.

READ: Base Resources draws down US$75mln

The group said work on the Kwale North Dune pre-feasibility study has begun, meanwhile, the final investment decision at the Toliara project in Madagascar has been delayed.

The company highlighted “positive progress” with the Government of Madagascar on the Toliara project's fiscal terms, while, at the same time, activities on the ground have been halted amid the coronavirus pandemic.

Base added that its full US$75mln revolving credit facility has been drawn-down to support liquidity and provide flexibility during the pandemic.

Base shares gained 9% to 8.45p in early trade on Thursday. 

Quick facts: Base Resources Limited

Price: 15.75 GBX

AIM:BSE
Market: AIM
Market Cap: £185.54 m
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