Base Resources' Kwale project drives positive operating cash flows
Base Resources (ASX:BSE) is reaping the benefits of commercial production from its Kwale Mineral Sands operation in Kenya with its first quarter of positive operating cash flows totalling $4.1 million.
Shares in the company should trade higher today on the news.
Importantly, recoveries are progressively improving towards design targets with ongoing implementation of process design enhancements and optimisation.
Bulk rutile and containerised zircon shipments commenced in April while design throughputs, plant availability and runtime now being consistently achieved.
Declaration of commercial production was made on 1 April with plant producing at commercial levels and the board believing there will be no impediments to its reaching intended operating capacity.
Revenue for the June quarter was $22.4 million with 141,753 tonnes of heavy mineral concentrates produced.
Analysis
With its first quarter of positive operating cash flows in the bag after reaching commercial production for its Kwale Mineral Sands, Base Resources is now well on the road towards achieving strong earnings.
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