THE BOURSE WHISPERER: Base Resources (ASX: BSE) has moved the first shipments of rutile and zircon from the company’s Kwale mineral sands operations, located just south of Mombasa in Kenya.
Base’s first 7,000 tonne bulk shipment of rutile set sail from the Likoni Port Facility as the company’s first containers of zircon departed via the Mombasa Port container facility.
First container of zircon being loaded. Source: Company announcement
The company explained that both the rutile and zircon shipments were scheduled for late March.
However, these were delayed due to there being no vessels available to carry out the shipment at the time.
Base Resources said the shipment was the latest in a recent series of milestones for the company and the Kwale project.
“With these shipments, and the 45,300 tonnes of ilmenite exported to date, the Kwale Operations have now completed the transition from construction project to operating mine successfully producing all products to specification,” Base Resources said in its ASX announcement.
Base received payment for the first ilmenite shipment in March.
Having now successfully commenced shipment and sales of its rutile and zircon products, the company anticipates it will be generating positive operating cash flows within the next month.