African mineral sands producer Base Resources has increased output guidance and reduced net debt following the continued strong performance of its Kwale operations in the three months to the end of September.
The group said it achieved significant zircon price increases for sales in the quarter with a further price increase locked in for contracted December quarter sales.
Other highlights include:
- Hydraulic mining operations successfully increased from 400tph to 800tph.
- Kwale south dune mineral resources estimate increased following completion of extensional and infill drilling, delivering a 19% or 560kt increase in contained in situ heavy mineral within the 'measured' and 'indicated' resource categories.
- Net debt reduced by $11.9m to $86.6m.
- Increased FY2018 production guidance for both ilmenite and zircon.
- Awarded 'Flagship Project' status within Kenyas Vision 2030 economic development framework.
At 8:20am: (LON:BSE) Base Resources Limited share price was +0.25p at 18.5p