11th Jan 2013 07:00
BASE RESOURCES LIMITED - 35% Local Equity Regulation Not Applicable to KwaleBASE RESOURCES LIMITED - 35% Local Equity Regulation Not Applicable to Kwale
PR Newswire
London, January 11
35% LOCAL EQUITY REGULATION NOT APPLICABLE TO KWALE
Base Resources Limited (ASX:BSE AIM:BSE) ("Base" or "the Company") is pleasedto advise that it has received formal notification that the Attorney General ofKenya has determined that the recently introduced 35% Local EquityParticipation Regulation ("the Regulations") cannot be applied to the SpecialMining Lease No. 23 covering the Company's 100% owned Kwale Mineral SandsProject.
The Attorney General's advice that the Regulations can only be applied tomining licenses issued after the Regulations came into force, being 12 October2012, corroborates the legal advice previously received by Base in thisrespect.
Notwithstanding this determination, Base will continue to work constructivelywith the Government of Kenya to facilitate greater Kenyan equity participationover time in both Base and the mining industry in general.
A full PDF version of this announcement is available at the Company's website: www.baseresources.com.au.
ENDSContacts:Base Resources LimitedTim CarstensManaging DirectorEmail: [email protected]: +61 (8) 9413 7400RFC Ambrian Limited (Nominated Adviser and Broker)As Nominated Adviser
As BrokerAndrew Thomson or Trinity McIntyre Caspar Shand-KyddPhone: +61 (8) 9480 2500
Phone: +44 20 3440 6800Tavistock Communications (UK Media Relations)Jos Simson/ Jessica Fontaine/ Emily FentonPhone: +44 20 7920 3157Cannings Purple (Australian Media Relations)Annette Ellis / Warrick HazeldineEmail: [email protected]@canningspurple.com.auPhone: +61 (8) 6314 6300Corporate Details:Board of Directors: Principal & Registered Contacts: Office:Andrew King Non-Executive Chairman Level 1 Email:Tim Carstens Managing Director 50 Kings Park Road [email protected] Bwye Executive Director West Perth Phone: (08) 9413 7400Sam Willis Non-Executive Director WA 6005 Fax: (08) 9322 8912Michael Anderson Non-Executive DirectorTrevor Schultz Non-Executive DirectorWinton Willesee Non-Executive Director/ Company SecretaryAbout Base Resources
Base Resources Limited (ASX:BSE AIM:BSE) is developing the world-class KwaleMineral Sands Project in Kenya, East Africa. Kwale is an advanced and highlycompetitive project in a sector with a significant forecast supply shortfallwidely expected to emerge in the medium term.
The Kwale Project represents an advanced development opportunity with allmaterial project approvals, permits and licenses required for developmentsecured, funding in place and construction of all project elements underway.
The Project enjoys a high level of support from the Government of Kenya as wellas the local community and, located just 50km from Mombasa, Kenya's principalport facility, is well serviced by existing physical infrastructure.
Importantly, two pilot plant operations at Kwale provide confidence inprocessing behaviour and indicate a suite of readily marketable products. TheProject's high value mineral assemblage and low stripping ratio result in aprojected revenue to cash cost ratio that would place Kwale in the top quartileof world producers.
A realistic development time line should see the Kwale Project in production inthe second half of 2013.
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