28th Jul 2015 10:31
LONDON (Alliance News) - Base Resources Ltd Tuesday said production and sales all substantially rose in its recently completed financial year.
The mineral sands producer focused on the Kwale Mineral Sands project in Kenya said production and sales of ilmenite, rutile and zircon all increased year-on-year following the start of production from the project in October 2013.
Heavy mineral sands are a class of ore deposit which is an important source of other minerals, including ilmenite, rutile and zircon, usually located as a physical sand on the surface.
Base said it produced a total of 751,285 dry metric tonnes of heavy mineral sands in the year ended June 30, rising from 296,750 dry metric tonnes in the previous financial year when production began.
Ilmenite production came in at 427,655 dry metric tonnes, increasing from 165,352 tonnes a year earlier, rutile production rose to 71,537 dry metric tonnes from 24,216 tonnes, and zircon production increased to 22,416 dry metric tonnes from 4,486 tonnes.
As a result, ilmenite sales leapt to 373,046 dry metric tonnes in the year compared to 138,829 tonnes, rutile sales totalled 76,801 dry metric tonnes from 14,005 tonnes, and zircon sales came in at 21,283 dry metric tonnes from only 2,704 tonnes.
The company managed to produce and sell its highest level of all three minerals in the fourth quarter of the financial year as production has steadily ramped up since beginning in 2013, faltering occasionally quarter-on-quarter before increasing.
At the end of June, Base said it had a cash balance of AUD40.9 million and had drawn down debt totalling AUD224 million.
Base shares were untraded on Tuesday, last trading at 6.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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