Base ramps up Kwale with $25m boost

Base Resources is set to increase its working capital for the ramp-up of its Kwale mineral sands project in Kenya by a further $US25 million, up to a total debt facility of $US215 million.

Work to satisfy conditions for the capital increase are expected to be completed over the next month or so.

This comes on top of the company’s announcement yesterday of the commencement of concentrate processing at its mineral separation plant and its first production of ilmenite and rutile at Kwale.

The company expects to ramp-up its ilmenite and rutile stockpiles ahead of the commencement of bulk shipments in January, with a small shipment scheduled for this month.

Base’s Likoni marine facility is scheduled for completion early this month with final approval of its operating license expected early in the new year.

Shares in Base are trading 1 cent higher at 40.5 cents per share, as of 11am, WST.