Base Resources enjoys robust performance at Kwale in FY23

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Base Resources Limited (AIM:BSE, ASX:BSE) CFO Kevin Balloch gives Proactive an overview of the companys FY23 highlights. Higher prices across all products helped deliver an EBITDA of US$158.6 million and cash flows from operations of US$117.4 million.

Base produced 68,814 tonnes of rutile, 297,861 tonnes of ilmenite, 25,954 tonnes of zircon and a combined 18,330 tonnes of low-grade rutile and zircon products from the Kwale Operations. Looking ahead, he says the Toliara project in Madagascar remains a significant growth opportunity for the company.

The 2023 financial year has been another operationally and financially successful one. Strong operational performance, coupled with the continuation of buoyant mineral sands markets, has delivered a record EBITDA for Kwale Operations, even with the transition to the more challenging and lower grade ore sources that will characterise the final years of the operation, Managing Director of Base Resources, Tim Carstens, said.

We continue to actively pursue additional mine life extension opportunities in the Kwale East sector, with a second phase aircore drill program currently underway. Given the inherent uncertainty associated with exploration, significant effort is also going into planning for the ultimate closure of Kwale Operations and the transition to post-mining land use, with the clear objective of cementing a reputation for excellence in the full life cycle of mining.

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Jonathan Jackson

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