25th Feb 2019 11:17
LONDON (Alliance News) - Base Resources Ltd said Monday that its profit for the first six months of the financial year increased slightly as higher levels of production and prices boosted sales.
The company operated the Kwale mine in Kenya.
For the six months to the end of December, the Australian-based mineral sands producer posted pretax profit of USD22.6 million, up 6.1% from USD21.3 million a year ago.
Revenue increased 13% to USD102.2 million from USD90.3 million.
On an operational basis, the company reported a "steady production" in the half, with 49,630 tonnes of rutile, 226,730 tonnes of ilmenite and 17,935 tonnes of zircon achieving an average price of product sold of USD365 per tonne, higher than USD317 a year ago.
"Kwale Operations have continued to perform strongly as we head towards completion of mining on the Central Dune," Managing Director Tim Carstens said.
"The mine optimisation strategy we implemented in the first half of 2018 to address the decline in ore grades delivered as expected", Carstens added. "We are now focused on transitioning mining operations to the South Dune deposit in June this year and continuing to pursue additional mine life through extensional exploration at Kwale, including the newly issued Vanga licence."
Base Resources shares were untraded at 15.39 pence each on Monday.
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