MINERAL sands producer and developer, Base Resources, posted a net profit after tax of $34m for the 2018 financial year representing an 114% year-on-year increase on the back of improved prices and consistent volumes.
Rutile production totalled 91,672 tonnes. The company also registered some 464,988 tonnes in ilmenite output and 37,157 tonnes of zircon for the year. Production is from the firm’s Kenya mine, Kwale. It also has a project in Madagascar known as Toliara Sands following its acquisition in the year under review.
Tim Carstens, MD of Base Resources said the performance allowed for significant debt reduction – net debt was reduced by $65.3m to $33.2m – whilst other company metrics, such as its safety record, was “fantastic”.
“This has been an outstanding year for Base Resources with our team achieving the goal of a total recordable injury frequency rate of zero – a fantastic outcome for any resources operation globally and testament to the quality of our management team,” he said in a company statement.
“Consistent production and strong average price improvement across all products contributed to record financial results for the company and has allowed significant debt reduction and established a strong platform from which to grow the business,” he said.
“The well-timed acquisition of the Toliara Sands Project in Madagascar has given Base Resources an outstanding growth path in the development of another world-class mineral sands project with a long production life.”
