Base resources discloses Kwale spend
23 April 2014, 18:33
Nairobi - Base Resources Limited, the Australian exploration and mining firm, will invest AUS$ 37 000, in its local operations in the ongoing quarter of the year.
The firm is developing the Kwale Mineral Sands Project in Kenya.
According to a breakdown released on Wednesday, the Base Resources will spend on operations ($18 000), capital expenditure ($6 500), finance costs (8 500) as well as administration external affairs and community affairs ($4 000) respectively.
Winton Willesee, the Company Secretary, disclosed the figures.
Kwale is a key project for Base Resources.
Earlier this month, it announced the departure of the first 7 000 tonne bulk shipment of rutile from the Likoni Port Facility as well as the first containers of zircon via the Mombasa Port container facility.
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 announced will be generating positive operating cash flows in the next month.
– CAJ News