AIM Release
25 February 2019
BASE RESOURCES LIMITED
Interim Financial Report – period ended 31
December 2018
Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) is pleased to provide the
following extracts from the company’s Interim Financial Report for
the six months ended 31 December
2018.
1. Review of Operations
2. Market Developments and Outlook
3. Review of Financial Performance
4. Consolidated Condensed Statement of Profit or Loss and
Other Comprehensive Income
5. Consolidated Condensed Statement of Financial
Position
6. Consolidated Condensed Statement of Changes in
Equity
7. Consolidated Condensed Statement of Cash Flows
These extracts should be read with reference to the
notes contained in the full version of the Interim Financial
Report, a copy of which is available from the
Company’s website: www.baseresources.com.au.
The Company has also released an Investor Presentation to accompany
its Interim Financial Report, a PDF copy of which is
available from the Company’s website:
www.baseresources.com.au.
Highlights
Highlights from Base Resources’ interim financial results for
the six-month period ended 31 December
2018 are as follows:
Operational Highlights for H1
FY191
-
66% increase in mined ore at Kwale Operations offsets lower ore
grade;
-
Steady production – 49,630 tonnes of rutile, 226,730 tonnes of
ilmenite and 17,935 tonnes of zircon;
-
Continued strengthening of rutile and zircon prices;
-
136km2 Vanga prospecting licence issued, extending
south west from the Company's existing Kwale Operation;
-
Total Recordable Injury Frequency Rate of zero – no lost time
due to injury since 2014; and
-
US$2.0m invested in community and
environmental programs including scholarships and livelihood
enhancement.
Financial Highlights for H1 FY19
-
Revenue increased 13% to US$102.2m;
-
EBITDA increased 7% to US$57.5m;
-
NPAT increased 4% to US$17.4m;
-
Net debt free at 31 December 2018
– a reduction of US$34.2m during the
period; and
-
Revenue to cost of sales ratio of 2.7:1.
[Note 1: All figures reported in United States dollars unless otherwise
stated.]
1. Review of Operations
Base Resources operates the Kwale Operation in Kenya, which commenced production in late
2013. The Kwale Operation is located 50 kilometres south of
Mombasa, the principal port facility for East Africa.
In order to counter declining grades, and to fully exploit the
availability of mineral separation plant (MSP) capacity, the
Company completed the Kwale Phase 2 mine optimisation project in
second half of the 2018 financial year. Following its
successful implementation, mining volumes ramped up significantly,
resulting in ore tonnes mined in the reporting period increasing by
66% over the comparative period. Mined ore grade of 4.18% for
the reporting period was lower than the comparative period (7.61%),
as expected, as mining proceeded around the fringes of the Central
Dune orebody.
Mining and Wet Concentrator Plant
(WCP) Performance |
Six months to Dec
2018 |
Six months to Dec
2017 |
Ore mined (tonnes) |
9,828,180 |
5,906,079 |
Heavy mineral (HM) % |
4.18% |
7.61% |
WCP Heavy mineral concentrate
produced (tonnes) |
348,015 |
435,305 |
Despite the increase in mining volume, production of heavy
mineral concentrate (HMC) decreased by 20% to 348,015 tonnes
due to the lower ore grade. In order to maintain steady MSP
throughput, an additional 32,203 tonnes of HMC was drawn from the
HMC stockpile (comparative period: 54,008 tonnes added to HMC
stockpile), which closed the reporting period with a balance of
45,709 tonnes.
MSP Performance |
Six months to Dec
2018 |
Six months to Dec
2017 |
MSP feed (tonnes of heavy mineral
concentrate) |
385,944 |
381,297 |
MSP feed rate (tph) |
90 |
91 |
MSP recovery % (i) |
|
|
Ilmenite |
102% |
100% |
Rutile |
99% |
100% |
Zircon |
76% |
77% |
Production (tonnes) |
|
|
Ilmenite |
226,730 |
238,585 |
Rutile |
49,630 |
45,587 |
Zircon |
17,935 |
18,705 |
Zircon low grade |
- |
1,425 |
(i) The presence of altered
ilmenite species that are not defined as either “rutile” or
“ilmenite” in the Mineral Resource but are recovered in the
production of both, results in calculated recoveries above 100%
being achievable for both products
The MSP has continued to maintain high throughput rates with an
average of 90tph achieved for the reporting period (comparative
period: 91tph), whilst achieving availability of 97% (comparative
period: 95%), which resulted in total MSP feed of 385,944 tonnes
(comparative period: 381,297 tonnes).
Ilmenite production in the reporting period was lower at 226,730
tonnes (comparative period: 238,585 tonnes), due to lower contained
ilmenite in the MSP feed, partly offset by the higher average
ilmenite recoveries of 102% (100% in the comparative period).
Rutile production increased to 49,630 tonnes in the reporting
period (comparative period: 45,587 tonnes) due to higher contained
rutile in the MSP feed, with recoveries reasonably steady at
99%.
Zircon production decreased to 17,935 tonnes for the reporting
period (comparative period: 18,705 tonnes) due to lower contained
zircon in the MSP feed, with average zircon recoveries in line with
the comparative periods 76%.
With no serious injuries occurring during the reporting period,
Kwale Operations lost time injury (LTI) frequency rate
remains at zero. The Company’s employees and contractors have
now worked 14.9 million man-hours LTI free, with the last LTI
recorded in early 2014. Further, 5.3 million man-hours have been
worked without a medical treatment injury.
Marketing and sales |
Six months to Dec
2018 |
Six months to Dec
2017 |
Sales (tonnes) |
|
|
Ilmenite |
214,420 |
225,814 |
Rutile |
47,588 |
37,971 |
Zircon |
17,764 |
17,427 |
Zircon low grade |
- |
3,287 |
Across each of its three products, the Company maintains a
balance of multi-year, annual and quarterly offtake agreements with
long term customers as well as a small proportion of ongoing spot
sales. These agreements, in place with some of the world’s largest
consumers of titanium dioxide and zircon products, provide
certainty for the Kwale Operation by securing minimum offtake
quantities. Selling prices in these agreements are derived from
prevailing market prices, based on agreed price indices or periodic
price negotiations.
The Company continues its strong market presence in China, the world’s largest market for both
ilmenite and zircon, with over 210,000 tonnes of ilmenite and over
13,000 tonnes of zircon products sold into the Chinese market
during the reporting period. The strength of the mineral
sands market for all products has ensured that sales continue to
closely match production, with minimal inventories being
maintained.
2. Market Developments and Outlook
Titanium Dioxide
Ilmenite and rutile are primarily used as feedstock for the
production of titanium dioxide (TiO2) pigment, with a
small percentage also used in the production of titanium metal and
fluxes for welding rods and wire. TiO2 is the most
widely used white pigment because of its non-toxicity, brightness
and very high refractive index. It is an essential component
of consumer products such as paint, plastics and paper.
Pigment demand is therefore the major driver of ilmenite and rutile
pricing.
After more than two years of strong growth, the global
TiO2 pigment industry moderated through the reporting
period. Global economic uncertainties appear to have led to
some pigment consumers reducing inventory levels which combined
with the seasonally slow December quarter to dampen demand for
pigment. However, most major pigment producers, who had been
holding lower than normal inventories, continued to operate at high
production levels which fuelled solid demand for feedstocks
including rutile and ilmenite. Environmental inspections that
had been restricting pigment production in China for the past two years dissipated
through the reporting period, allowing most Chinese pigment
producers to resume normal production rates.
Significant supply constraints on high grade feedstocks,
combined with the ongoing firm demand, has resulted in continued
price improvement for rutile.
Chinese domestic ilmenite production has been stable to slightly
down through the reporting period while production and exports from
India and Vietnam have significantly diminished.
Indian government-imposed bans on mineral sands mining and exports
are now in place in the two major ilmenite producing states – Tamil
Nadu and Andhra Pradesh, with no indication of when mining in
either state may resume. Government- issued export quotas in
Vietnam expired at the end of the
2018 calendar year – and new quotas have not yet been forthcoming.
These ilmenite supply constraints are supporting ilmenite prices
which have remained stable throughout the reporting period and into
early 2019.
Zircon
Zircon has a range of end-uses, the predominant of which is in
the production of ceramic tiles, accounting for more than 50% of
global zircon consumption. Milled zircon enables ceramic tile
manufacturers to achieve brilliant opacity, whiteness and
brightness in their products. Zircon’s unique properties include
heat and wear resistance, stability, opacity, hardness and
strength, making it sought after for other applications such as
refractories, foundries and specialty chemicals.
Demand growth for zircon is closely linked to growth in global
construction and increasing urbanisation in the developing
world. Following a two-year period of strong growth, the
economic uncertainties that have emerged in most key markets have
tempered demand for zircon resulting in prices stabilising during
the latter stages of the reporting period and into 2019.
However, ongoing constraints on global production are expected to
support continued stable pricing for zircon.
Kwale Operations Extensional
Exploration
During the reporting period, the Company progressed the
re-evaluation, including infill drilling, of the higher-grade areas
of the North Dune, adjacent to the Kwale Operation’s Central Dune,
motivated by an improved economic environment, refined resource
definition methodology and insights from five years of operations
on the Central Dune. The drill program is now complete, with
573 holes for 20,598 metres drilled and a Mineral Resource estimate
for the North Dune is expected during the June quarter of 2019.
The Company’s 136km2 Vanga Prospecting Licence
(PL/2015/0042), extending south west from the company’s Kwale
Operation towards the Tanzanian border, was granted late in the
reporting period. Community engagement in the area is
currently underway, with a drill program planned to commence in the
March 2019 quarter, access and drill
rig availability permitting.
Extensional exploration drilling in the North-East Sector (now
called Kwale East) of the Kwale Operations remains suspended
pending resolution of community access issues.
Toliara Project
During the reporting period, the Company continued to progress
the pre-feasibility study for the Toliara Project in Madagascar, which is due for completion in
March 2019. The pre-feasibility study
(PFS) will build on the considerable body of work completed
by previous owners of the Toliara Project and together form the
foundations of an accelerated feasibility study program that aims
to advance the project toward a decision to proceed to construction
in early 2020.
During the reporting period, an update to the Ranobe deposit
Mineral Resources estimate was completed to advance detailed mine
planning and to refine the processing design criteria for the
Toliara Project PFS. The update is the result of additional
drilling completed to date and revised geological interpretations
following a comprehensive mineralogical re-definition of drill
samples, which, together with a revision of cut-off grade from 3.0%
to 1.5% HM, has increased the Ranobe Mineral Resources estimate to
1.3 billion tonnes at 5.1% HM2.
[Note 2: For further detailed information on the Ranobe
Deposit Mineral Resources, refer to Base Resources’ market
announcements of 23 January 2019
“Updated Ranobe Deposit Mineral Resources (corrected)” available at
https://www.baseresources.com.au/investor-centre/asx-releases/.
Base Resources confirms that it is not aware of any new
information or data that materially affects the information
included in that market announcement and all material assumptions
and technical parameters underpinning the estimates in that
market announcement continue to apply and have not materially
changed.]
3. Review of Financial Performance
Base Resources achieved a profit after tax of US$17.4 million for the six-month reporting
period, a 4% increase compared with US$16.8
million in the comparative period, primarily due to higher
sales revenues.
|
Six
months to 31 December 2018 |
Six
months to 31 December 2017 |
|
Kwale
Operations |
Toliara
Project |
Other |
Total |
Kwale
Operations |
Other |
Total |
|
US$000s |
US$000s |
US$000s |
US$000s |
US$000s |
US$000s |
US$000s |
|
|
|
|
|
|
|
|
Sales Revenue |
102,166 |
- |
- |
102,166 |
90,292 |
- |
90,292 |
Cost of goods sold
excluding depreciation & amortisation: |
|
|
|
Operating costs |
(31,968) |
- |
- |
(31,968) |
(27,647) |
- |
(27,647) |
Inventory movement |
2,557 |
- |
- |
2,557 |
4,923 |
- |
4,923 |
Royalties expense |
(7,119) |
- |
- |
(7,119) |
(6,229) |
- |
(6,229) |
Total cost of goods sold
(i) |
(36,530) |
- |
- |
(36,530) |
(28,953) |
- |
(28,953) |
Corporate & external
affairs |
(2,188) |
(197) |
(2,782) |
(5,167) |
(1,864) |
(1,945) |
(3,809) |
Community development |
(1,534) |
- |
- |
(1,534) |
(1,027) |
- |
(1,027) |
Selling & distribution
costs |
(1,316) |
- |
- |
(1,316) |
(1,970) |
- |
(1,970) |
Other income / (expenses) |
443 |
- |
(528) |
(85) |
(132) |
(452) |
(584) |
EBITDA (i) |
61,041 |
(197) |
(3,310) |
57,534 |
56,346 |
(2,397) |
53,949 |
Depreciation & amortisation |
(26,025) |
- |
(62) |
(26,087) |
(23,481) |
(21) |
(23,502) |
EBIT (i) |
35,016 |
(197) |
(3,372) |
31,447 |
32,865 |
(2,418) |
30,447 |
Net financing expenses |
(7,131) |
- |
(1,690) |
(8,821) |
(7,733) |
(1,417) |
(9,150) |
Income tax expense |
(5,209) |
- |
- |
(5,209) |
(4,497) |
- |
(4,497) |
NPAT (i) |
22,676 |
(197) |
(5,062) |
17,417 |
20,635 |
(3,835) |
16,800 |
(i) Base Resources’ financial
results are reported under International Financial Reporting
Standards (IFRS). These Financial Statements include certain
non-IFRS measures including EBITDA, EBIT and NPAT. These measures
are presented to enable understanding of the underlying performance
of the Group and have not been audited/reviewed.
Sales revenue increased 13% to US$102.2
million for the reporting period (comparative period:
US$90.3 million), achieving an
average price of product sold (rutile, ilmenite, zircon and zircon
low grade) of US$365 per tonne
(comparative period: US$317 per
tonne), with averaged realised prices higher for rutile and zircon,
offset by lower prices for ilmenite. Operating cost per tonne
produced was 20% higher at US$109 per
tonne for the reporting period (comparative period: US$91 per tonne), due to increased volumes mined
following the implementation of the Kwale Phase 2 mine optimisation
project. In addition, higher fuel costs and an increase in
flocculant use on the lower grade ore have contributed to the
increase in operating costs. Total cost of goods sold, excluding
depreciation and amortisation, was US$36.5
million for the reporting period, 26% higher than the
comparative period (US$29.0 million),
at an average cost of US$131 per
tonne of product sold (comparative period: US$102 per tonne), due to higher operating costs
and higher royalties associated with increased sales revenue.
With a margin of US$234 per tonne
sold for the reporting period, 9% higher than the comparative
period (US$215 per tonne) and an
achieved revenue to cash cost of sales ratio of 2.7 in the
reporting period (comparative period: 2.8), the Company remains
well positioned high in the upper quartile of mineral sands
producers.
Improved commodity prices and a continued focus on cost
management has delivered a Kwale Operations EBITDA for the
reporting period of US$61.0 million,
an 8% increase over the comparative period (US$56.3 million) and a Group EBITDA of
US$57.5 million, a 7% increase over
the comparative period (US$53.9
million).
The majority of Kwale Operation assets are depreciated on a
straight-line basis over the remaining mine life. Since the
implementation of the Kwale Phase 2 mine optimisation project in
March 2018, mining rates have
significantly increased to offset declining ore grades and thus the
remaining mine life is correspondingly shorter. As a result,
depreciation and amortisation has increased 11% in the reporting
period to US$26.1 million
(comparative period: US$23.5
million). Should the extensional exploration currently
underway at Kwale Operations be successful, there is the potential
to increase ore reserves and extend mine life, thereby reducing
future annual depreciation and amortisation charges.
A 10% increase in net profit after tax of US$22.7 million was recorded by Kwale Operations
(comparative period: US$20.6 million)
and Group net profit after tax increased by 4% to US$17.4 million for (comparative period
$16.8 million). Basic earnings per
share for the Group was US1.52 cents per share (comparative period:
US2.26 cents per share), lower as a result of additional shares
issued in January 2018 to fund the
acquisition of the Toliara Project.
Cash flow from operations was US$53.8
million for the reporting period (comparative period:
US$57.3 million), slightly lower than
Group EBITDA due to working capital movements. The operating cash
flows were used to fund capital expenditure at Kwale Operations,
Toliara Project progression, as well as debt servicing and
repayment.
Total capital expenditure for the Group was US$14.0 million in the reporting period
(comparative period: US$17.0 million)
comprised of US$7.3 million at Kwale
Operations (comparative period: US$17.0
million), primarily for the preparatory work for the
transition of mining operations to the South Dune deposit,
US$6.3 million on the progression of
the Toliara Project and US$0.3
million for Corporate capital works.
In October 2018, the US$80.0 million outstanding balance of the Kwale
Project Debt Facility was repaid from a combination of cash
reserves and utilisation of the Revolving Credit Facility
(RCF) following a concurrent increase in the RCF to
US$75.0 million. Early retirement of
the Kwale Project Debt Facility demonstrates the continued strong
performance of Kwale Operations and, together with the increased
RCF, provides the Group with additional funding flexibility and
reduced debt servicing costs.
During the reporting period, the Group became net cash positive
for the first time following a US$34.2
million reduction in net debt from US$33.2 million at 30 June
2018, to a net cash position of US$1.0 million at 31
December 2018. The Group’s cash positive position is
comprised of cash reserves of US$49.1
million, with the RCF drawn to US$48.2 million. Future cash generation will now
be available to contribute to the progression of the Toliara
Project.
After Balance Date Events
Subsequent to period end, in January
2019, US$18.2 million of the
RCF debt was repaid from existing cash reserves. The outstanding
balance of the facility following this repayment was US$30.0 million.
4. Consolidated Condensed Statement of
Profit or Loss and Other Comprehensive Income
|
|
|
|
|
6 months to
31 December 2018 |
6 months to
31 December 2017(i) |
|
Note |
US$000s |
US$000s |
|
|
|
|
Sales revenue |
|
102,166 |
90,292 |
Cost of sales |
2 |
(62,555) |
(52,434) |
Profit from
operations |
|
39,611 |
37,858 |
|
|
|
|
Corporate and external
affairs |
|
(5,229) |
(3,830) |
Community development
costs |
|
(1,534) |
(1,027) |
Selling and
distribution costs |
|
(1,316) |
(1,970) |
Other (expenses) /
income |
|
(85) |
(584) |
Profit before
financing costs and income tax |
|
31,447 |
30,447 |
Financing costs |
3 |
(8,821) |
(9,150) |
Profit before income
tax |
|
22,626 |
21,297 |
Income tax
expense |
|
(5,209) |
(4,497) |
Net profit after
tax for the period |
|
17,417 |
16,800 |
|
|
|
|
Other comprehensive
income |
|
|
|
Items that
may be reclassified subsequently to profit or loss: |
|
|
Foreign currency
translation differences - foreign operations |
|
(1,644) |
262 |
Total other
comprehensive (loss) / income for the period |
|
(1,644) |
262 |
Total comprehensive
income for the period |
|
15,773 |
17,062 |
|
|
|
|
Net Earnings per
share |
|
Cents |
Cents |
Basic earnings per
share (US cents per share) |
|
1.52 |
2.26 |
Diluted earnings per
share (US cents per share) |
|
1.50 |
2.10 |
(i) Restated from AUD to USD in
accordance with change in presentation currency. Refer to “Note 1:
Basis of preparation”.
The notes contained in the full version of the Interim
Financial Report form part of these consolidated financial
statements, a copy of which is available from the
Company’s website:
www.baseresources.com.au.
5. Consolidated Condensed Statement of
Financial Position
|
|
31 December 2018 |
30 June 2018
(i) |
|
Note |
US$000s |
US$000s |
Current
assets |
|
|
|
Cash and cash
equivalents |
|
49,126 |
29,686 |
Restricted cash |
|
- |
29,591 |
Trade and other
receivables |
4 |
40,484 |
38,726 |
Inventories |
5 |
23,782 |
19,789 |
Other current
assets |
|
7,841 |
5,993 |
Total current
assets |
|
121,233 |
123,785 |
|
|
|
|
Non-current
assets |
|
|
|
Capitalised
exploration and evaluation |
6 |
103,962 |
97,115 |
Property, plant and
equipment |
7 |
219,666 |
240,509 |
Total non-current
assets |
|
323,628 |
337,624 |
Total
assets |
|
444,861 |
461,409 |
|
|
|
|
Current
liabilities |
|
|
|
Trade and other
payables |
|
29,965 |
27,865 |
Borrowings |
8 |
32 |
53,266 |
Income tax
payable |
|
7,191 |
75 |
Deferred revenue |
|
833 |
833 |
Other liabilities |
|
8,653 |
8,564 |
Total current
liabilities |
|
46,674 |
90,603 |
|
|
|
|
Non-current
liabilities |
|
|
|
Borrowings |
8 |
47,059 |
35,532 |
Provisions |
|
24,479 |
22,458 |
Deferred tax
liability |
12 |
18,474 |
20,969 |
Deferred revenue |
|
208 |
625 |
Other liabilities |
|
10,000 |
10,000 |
Total non-current
liabilities |
|
100,220 |
89,584 |
Total
liabilities |
|
146,894 |
180,187 |
Net assets |
|
297,967 |
281,222 |
|
|
|
|
Equity |
|
|
|
Issued capital |
10 |
306,512 |
305,277 |
Reserves |
|
(19,990) |
(16,384) |
Retained earnings /
(Accumulated losses) |
|
11,445 |
(7,671) |
Total
equity |
|
297,967 |
281,222 |
(i) Restated, refer to Note
12.
The notes contained in the full version of the Interim
Financial Report form part of these consolidated financial
statements, a copy of which is available from the
Company’s website:
www.baseresources.com.au.
6. Consolidated Condensed Statement of
Changes in Equity
|
Issued
capital |
Retained earnings /
(Accumulated losses) |
Share based payment
reserve |
Foreign currency
translation reserve |
Treasury shares reserve |
Total |
|
US$000s |
US$000s |
US$000s |
US$000s |
US$000s |
US$000s |
Balance at 1 July 2017
as previously reported(i) |
231,079 |
(36,341) |
5,250 |
(19,517) |
- |
180,471 |
Impact of prior year
error (ii) |
- |
(5,863) |
- |
- |
- |
(5,863) |
Restated balance at 1
July 2017 |
231,079 |
(42,204) |
5,250 |
(19,517) |
- |
174,608 |
Profit for the
period |
- |
16,800 |
- |
- |
- |
16,800 |
Other comprehensive
income |
- |
- |
- |
262 |
- |
262 |
Total comprehensive
income for the period |
- |
16,800 |
- |
262 |
- |
17,062 |
Transactions with owners, recognised directly in equity |
|
Share based
payments |
529 |
559 |
(316) |
- |
- |
772 |
Balance at 31
December 2017 (i) |
231,608 |
(24,845) |
4,934 |
(19,255) |
- |
192,442 |
|
|
|
|
|
|
|
Balance at 1 July 2018
as previously reported |
305,277 |
(1,808) |
5,806 |
(20,714) |
(1,476) |
287,085 |
Impact of prior year
error (ii) |
- |
(5,863) |
- |
- |
- |
(5,863) |
Restated balance at 1
July 2018 |
305,277 |
(7,671) |
5,806 |
(20,714) |
(1,476) |
281,222 |
Profit for the
period |
- |
17,417 |
- |
- |
- |
17,417 |
Other comprehensive
loss |
- |
- |
- |
(1,644) |
- |
(1,644) |
Total comprehensive
income for the period |
- |
17,417 |
- |
(1,644) |
- |
15,773 |
Transactions with owners, recognised directly in equity |
Share based
payments |
1,235 |
1,699 |
(3,438) |
- |
1,476 |
972 |
Balance at 31
December 2018 |
306,512 |
11,445 |
2,368 |
(22,358) |
- |
297,967 |
(i) Restated from AUD to USD in
accordance with change in presentation currency. Refer to “Note 1:
Basis of preparation”.
(ii) Restated, refer to Note
12.
The notes contained in the full version of the Interim
Financial Report form part of these consolidated financial
statements, a copy of which is available from the
Company’s website:
www.baseresources.com.au.
7. Consolidated Condensed Statement of
Cash Flows
|
|
6 months to
31 December 2018 |
6 months to
31 December 2017 (i) |
|
Note |
US$000s |
US$000s |
Cash flows from operating activities |
|
|
|
Receipts from customers |
|
103,379 |
99,954 |
Payments in the course of
operations |
|
(48,997) |
(42,657) |
Other |
|
(588) |
(42) |
Net cash from operating
activities |
|
53,794 |
57,255 |
|
|
|
|
Cash flows from investing
activities |
|
|
|
Purchase of property, plant and
equipment |
|
(6,661) |
(16,965) |
Payments for exploration and
evaluation |
|
(7,321) |
(132) |
Other |
|
406 |
390 |
Net cash used in investing
activities |
|
(13,576) |
(16,707) |
|
|
|
|
Cash flows from financing
activities |
|
|
|
Proceeds from borrowings |
|
48,180 |
7,500 |
Repayment of borrowings |
|
(92,473) |
(40,324) |
Transfers (to) / from restricted
cash |
|
29,591 |
(4,694) |
Payment of debt service costs |
|
(5,832) |
(7,324) |
Net cash used in financing
activities |
|
(20,534) |
(44,842) |
|
|
|
|
Net increase /
(decrease) in cash held |
|
19,684 |
(4,294) |
Cash at beginning of period |
|
29,686 |
28,278 |
Effect of exchange fluctuations on
cash held |
|
(244) |
(158) |
Cash at end of period |
|
49,126 |
23,826 |
(i) Restated from AUD to USDs
in accordance with change in presentation currency. Refer to Note
1: Basis of preparation”.
The notes contained in the full version of the Interim
Financial Report form part of these consolidated financial
statements, a copy of which is available from the
Company’s website:
www.baseresources.com.au.
ENDS.
For further information contact:
James Fuller, Manager -
Communications and Investor Relations |
UK Media Relations |
Base Resources |
Tavistock Communications |
Tel: +61 (8) 9413 7426 |
Jos Simson and Barnaby Hayward |
Mobile: +61 (0) 488 093 763 |
Tel: +44 (0) 207 920 3150 |
Email:
jfuller@baseresources.com.au |
|
About Base Resources
Base Resources is an Australian based, African focused, mineral
sands producer and developer with a track record of project
delivery and operational performance. The Company operates
the established Kwale Operations in Kenya and is developing the Toliara Project in
Madagascar. Base Resources is an ASX and AIM listed
company. Further details about Base Resources are available
at www.baseresources.com.au
PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Phone: +61 (0)8 9480 2500