Base Resources: Q1 2019 Activities Report
April 29, 2019
Elemental Royalties Limited, (“Elemental”), a private company expanding a diversified portfolio of mineral royalties, is pleased to comment on the recent announcement made by Base Resources Limited (“Base”) of that company’s Q1 2019 activities report. Base is the operator of the Kwale mineral sands project located in Kenya, on which Elemental Royalties holds a 0.25% GRR royalty.
Elemental is pleased to note the positive report from Base, where the main focus continued to be maximising mineral recoveries under a high tonnage, low grade regime, together with progressing preparations for relocating mining operations to the South Dune orebody in June 2019. In pursuit of further mine life extension, drilling of the Vanga exploration license also commenced on 1 April 2019.
Elemental notes that total operating costs were marginally lower than Q4 2018 due to lower mining and production volumes, but the lower production resulted in a higher unit operating cost of US$138 per tonne produced (rutile, ilmenite and zircon) (Q418: US$115 per tonne). Unit operating costs are higher than the same period last year (March 2018 quarter: US$98 per tonne) due to higher operating costs associated with a 131% increase in mining and WCP volumes following implementation of the Kwale Phase 2 mine optimisation project.
The text above is Elemental Royalties’ comment to the operator’s news release and is not included within the original release. The original article is available using the links below.
About Elemental Royalties Limited
Elemental is a private company providing investors with exposure to a dividend-paying royalty company building a diverse portfolio of mining royalties, benefiting from ongoing royalty revenue, future exploration upside and low operating costs.
Since early 2017 Elemental has assembled a portfolio of five royalties over seven commodities in four countries, four of which cover producing mines. Immediate cash-flow has enabled the Company to limit dilutive fund-raisings to facilitate royalty acquisitions, and to pay a dividend from inception.
Elemental’s focus remains on securing royalties over advanced assets with established operators and credible counter-parties from a robust pipeline of potential royalty acquisitions across commodities and geographies.
For further information you are invited to visit the Company’s website www.elementalroyalties.com or contact:
|Elemental Royalties Limited|
|T: +44 (0)203 983 7040|
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