Base kicks off at Kwale with funds in place

Base Resources says it has finalised arrangements for its previously announced $US170 million finance facility to fund the development of its Kwale mineral sands project in Kenya.

The Perth-based miner said the facility, through investment banks West LB AG and FMO, would fund the Kwale development through to production.

Key terms of the agreement include the execution of security documentation and gazetting of taxation concessions from the Kenyan government and the signing of off-take agreements covering 70 per cent of revenue.

Base Resources said development of Kwale was now underway.

At 11:00AM (WST) Base Resources shares were steady at 48.5 cents.