8th Apr 2014 11:13
LONDON (Alliance News) - Base Resources Ltd said Tuesday that the first 7,000 tonne bulk shipment of rutile and the first containers of zircon left port over the weekend.
Base Resources said the bulk shipment of rutile left from the Likoni Port Facility, and the first containers of zircon via the Mombasa Port container facility.
Both the rutile and zircon shipments were scheduled for departure late March, however vessel availability resulted in shipment being delayed.
"With these shipments, and the 45,300 tonnes of ilmenite exported to date, the Kwale Operations have now completed the transition from construction project to operating mine successfully producing all products to specification," the company said in a statement.
The ore-mining company, which is engaged in the development of the Kwale Mineral Sands Project in Kenya, said that it will be generating positive operating cash flows in the next month, having already received payment for the first ilmenite shipment with the commencement of rutile and zircon sales.
Rutile, ilmenite and zircon are minerals found in sands and separated out for industrial use.
Shares in Base Resources were trading 7.5% higher Tuesday afternoon, at 24.45 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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