PERTH (miningweekly.com) – Mineral sands miner Base Resources has reported a 200% increase in net profit for the full year ended June, on the back of record sales volumes.
The ASX-listed company on Monday told shareholders that the bottom line was also impacted by higher commodity prices and a continued focus on cost management at the Kwale operations, in Kenya.
Base reported net earnings of A$21-million, compared with a net loss of A$20.1-million in the previous financial year, while group earnings before interest, taxes, depreciation and amortisation increased by 81%, from A$60.6-million to A$109.7-million.
Revenue for the full year was also up from A$169-million in 2016 to A$215.5-million.
Base told shareholders that a record 501 676 t of ilmenite was sold during the full year ended June from the Kwale operation, along with 91 991 t of rutile and 34 566 t of zircon, as well as 9 501 t of low-grade zircon.