24th Oct 2019 11:53
(Alliance News) - Base Resources Ltd on Thursday reported a fall in production of all three commodities, on both a yearly and quarterly basis.
For the three months to September, Base produced 73,808 tonnes of ilmenite, 16,390 tonnes of rutile, and 6,980 tonnes of zircon.
The ilmenite figure has declined 38% year-on-year and 17% from the prior quarter. Rutile has dipped 35% year-on-year and 27% quarterly, while zircon has fallen 28% on the year before and 1.2% on the previous quarter.
However, Base said the mining rate equivalent in the quarter was 19.6 million tonnes a year, ahead of its target of 18 million tonnes.
The reason for the declines in production is due to a move to the South Dune orebody at the Kwale project in Kenya from the depleted Central Dune. Mining is taking place at the South Dune's northern fringes, where grades are lower, but grades are steadily improving as Base moves towards the main part of the orebody at South Dune.
Base has reiterated all 2019 production guidance from Kwale.
At Toliara in Madagascar, the company is on track to complete a feasibility study in December, ahead of a decision to move to construction in 2020. It hopes for production to start in 2022.
Shares in the Perth, Australia-based company were up 0.6% on Thursday in London at 13.28 pence each.
By George Collard; [email protected]
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