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Base Resources delivers strong second quarter operating update

Base Resources has been supporting local communities during the coronavirus pandemic

Base Resources Limited -

Base Resources Ltd (LON:BSE) maintained operational consistency at the Kwale mine in Kenya throughout the second quarter of the year, with production coming in at the higher end of guidance ranges.

Meanwhile, demand from customers in the quarter was firm and supported further upward movement in ilmenite prices, while rutile and zircon prices remained steady. Sales of ilmenite, zircon and rutile were all up on a quarter-on-quarter basis.

Elsewhere, the front-end engineering design for the Toliara project, as well as lender due diligence and discussions with the Government of Madagascar progressed within the constraints of coronavirus responses.

Base closed out the quarter with net cash of US$87.6mln, supported by a chunky US$75mln revolving credit facility, the group noted in its second-quarter operating update.

Quick facts: Base Resources Limited

Price: 15.1 GBX

Market: AIM
Market Cap: £177.88 m

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