JOHANNESBURG (miningweekly.com) – ASX- and Aim-listed mineral sands producer Base Resources on Monday reported that the acquisition agreement pertaining to the Madagascar-based Toliara Sands project is now unconditional.
The acquisition of Base’s initial 85% interest in the wholly owned Mauritian subsidiaries of World Titane Holdings, which between them comprise a 100% interest in the Toliara Sands project, is scheduled to be completed by the end of January.
This acquisition was conditional only on Base Resources raising a minimum of A$80-million to partially fund the acquisition costs.
The project is considered by the company 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-compliant 2012 resource of 857-million tonnes at 6.2% heavy minerals, including 612-million tonnes at 6.7% heavy minerals 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 with construction in the second half of 2019.
This timetable is expected to see the project in production by mid-2021.