https://www.miningweekly.com

Base Resources looks to aquire 85% interest in Toliara project

19th December 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

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.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.985s - 128pq - 2rq
Subscribe Now