Base Resources looks to aquire 85% interest in Toliara project
JOHANNESBURG (miningweekly.com) – Dual-listed Base Resources has reached agreement with World Titane Holdings to acquire an initial 85% interest in the wholly-owned Mauritian subsidiaries of World Titane, which hold a 100% interest in the Toliara sands project in Madagascar.
This acquisition is conditional only on Base Resources completing an equity raising for a minimum of A$80-million to partially fund the acquisition costs.
The project is considered by Base Resources to be one of the best mineral sands development projects in the world and is underpinned by the Ranobe deposit which has a Joint Ore Reserves Committee 2012 resource of 857-million tonnes at 6.2% heavy mineral, including 612-million tonnes at 6.7% heavy mineral in the measured and indicated categories.
Building on the work completed to date, Base Resources’ development plan is to complete a full study phase ahead of a decision to proceed to construction in the second half of 2019. This timetable could be expected to see the project in production in mid-2021.
“World Titane has invested significantly in progression of the project over a number of years, establishing a world-class mineral resource, advancing development studies and securing key permits and licenses. The company also successfully fostered strong relationships with the Madagascar governemnt and the local community,” Base Resources MD Tim Carstens commented.
This is a transformational acquisition for Base Resources and represents a significant step in execution of the company’s strategic plan.
To fund the $75-million initial consideration, Base Resources is seeking to raise A$100-million through a combined share placement to institutional investors in eligible jurisdictions and a one-for-three accelerated pro rata renounceable entitlements offer.
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