20th Jun 2022 12:18
(Alliance News) - Base Resources Ltd on Monday reported maiden results at the North Dune and Bumamani ore reserves in Kenya and decided to proceed with the projects.
As the definitive feasibility study confirmed economic viability, the Perth, Australia-based mineral sands developer with assets in Kenya and Madagascar said it has extended its mineral sands operations in Kwale County, Kenya, by 13 months to December 2024 "once land access arrangements are finalised".
For Kwale North, it estimates 13.9 million tonnes of reserve with an average heavy mineral grade of 2.1% for 290,000 tonnes of contained heavy mineral. For Bumamani, it expects 3.9 million tonnes at an average heavy mineral grade of 2.3% for 90,000 tonnes of contained heavy mineral. The firm expects to start mining in March 2023.
Meanwhile, Base Resourced updated its production guidance for the financial year 2023. It now expects up to 73,000 tonnes of rutile, down from 83,000 for financial year 2022. For Ilmenite, it expects up to 310,000 tonnes, down from 340,000. For Zircon, it has a guidance of up to 27,000 tonnes, lower than 28,000 for financial year 2022.
Base Resources shares were unchanged at 15.25 pence each in London at midday on Monday.
By Tom Budszus; [email protected]
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