PERTH (miningweekly.com) – Mineral sands miner Base Resources has repaid in full the $20-million unsecured debt facility provided by shareholder Taurus Funds Management.
The company said on Tuesday that the repayment of the Taurus facility continued the rapid debt reduction achieved on the back of strong operational performance from the Kwale operation, in Kenya, as well as continued improvement in product markets which saw the company’s debt reduced to $98.5-million at the end of June.
Base recently reported record quarterly revenue from the Kwale project during the three months to June, with mineral sands production reaching 119 364 t during the quarter.