30th Oct 2013 10:38
LONDON (Alliance News) - Base Resources Ltd Wednesday said it has started ore processing at its Kwale mineral sands project in Kenya and has completed all the infrastructure development at the site.
In an operational update, the company said it also has three new three-year off-take deals with Chinese companies for the ilmenite and zircon the site will produce. It said the new deals secure a large proportion of sales that hadn't so far been contracted.
It also provided a funding update, saying it had AUD44.3 million in cash or cash equivalents at the end of September and had drawn down USD170 million in debt.
Base Resources shares last traded at 22.75 pence in London.
By Steve McGrath; [email protected]; @SteveMcGrath1
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