25th Jul 2014 10:13
LONDON (Alliance News) - Base Resources Ltd Friday said it has posted its first quarter of positive operating cashflows with increased production and sales volumes across its operations.
The Kenya-focused miner said that during the three months ended June 30 it saw its first net-positive quarterly operating cashflow of AUD4.1 million, with an AUD22.4 million payment from product sales and related debtors offsetting charges for its kwale site and other costs.
The company said its heavy mineral concentrate production increased to 141,753 dry metric tonnes from 113,196 dry metric tonnes the previous quarter due to higher ore grades and improved recoveries.
Base Resources said its ilmenite production increased 34% in the recent quarter from the quarter immediately prior and its sales volumes increased 94% quarter-on-quarter, with rutile and zircon production and sales volumes also increasing after the company started its first shipments of the two minerals in April.
Base Resources said its focus during the quarter was to debottleneck and improve its mineral separation plant circuits. Base Resources said it has seen significant success in this process and is now firmly focused on a progressive improvement in recoveries.
The company said it ended the quarterly period with AUD20.9 million in cash and cash equivalents.
Base Resources shares were down 5.3% to 16.10 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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