Base Resources Limited, an Australian-based mineral sands producer and developer with operations in Kenya and a developing project in Madagascar, released its quarterly activities report for June 2024. The report highlights the companys progress and provides an operational, development, and corporate update.
Key points include the proposed combination with Energy Fuels, a US-based uranium and critical minerals producer, to create a global critical minerals business
achievement of FY24 production guidance with 159kt ilmenite, 41kt rutile, and 17kt zircon produced
and continued engagement with the Government of Madagascar regarding the Toliara Project, with in-principle agreement reached on key fiscal terms.
The report also covers the Kwale Operations, with mining operations split between North Dune and Bumamani, and rehabilitation activities on South Dune nearing completion. The companys sales volumes for the quarter were in line with the sales plan, and pricing outcomes were slightly better than expected.
Base Resources ended the quarter with a strong financial position, with US$88.1 million in cash and no debt. The company continues to focus on its established operations and the development of the Toliara Project while exploring additional opportunities in Kenya.