Economic & Industrial

Record revenue, strong profit growth for mineral sands miner Base

Record revenue, strong profit growth for mineral sands miner Base
Mining News Pro - PERTH (miningweekly.com) – Mineral sands miner Base Resources has reported record revenue and net profit after tax for the 2018 financial year, on the back of increased prices and consistent sales volumes.
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According to Mining News Pro - 

PERTH (miningweekly.com) – Mineral sands miner Base Resources has reported record revenue and net profit after tax for the 2018 financial year, on the back of increased prices and consistent sales volumes.

ASX-listed Base on Monday said that revenue increased by 22% to $198.8-million and that net profit after tax was up 114% to $34-million in the year ended June.

Earnings before interest, taxes, depreciation and amortisation for the full year were up 32%, to $109.3-million.

“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 resource operation globally and testament to the quality of our management team,” said Base MD Tim Carstens.

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.”

Base produced 91 672 t of rutile, 464 988 t of ilmenite and 37 157 t of zircon during the full year, with rutile prices up 17%, ilmenite prices up 28% and zircon prices up 46% compared with the previous financial year.

Carstens said the well-timed acquisition of the Toliara sands project, in Madagascar, had also given Base an “outstanding growth path” in the development of a world-class mineral sands project, with a long production life.

Looking ahead, Bass was hoping to complete the prefeasibility study for the Toliara sands project and start a definitive feasibility study for the project ahead of a planned final investment decision in late 2019.

The company is also pursuing mine-life extension work at its Kwale operation, in Kenya.

Its production guidance for the 2019 financial year is between 88 000 t and 93 000 t of rutile, 420 000 t to 450 000 t of ilmenite and between 32 000 t and 37 000 t of zircon.


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