Base Resources Limited commences trading on AIM
Monday 28th January 2013
London Stock Exchange is pleased to welcome Base Resources (“Base” or the “Company”) to the AIM under the ticker of BSE.
Base is developing the world‐class Kwale Mineral Sands Project (“Kwale Project”) in Kenya, East Africa. The US$300 million project is fully funded and on track to commence production in the second half of 2013 with first sales before year end.
The mineral sands product suite of Ilmenite, Rutile and Zircon are used principally as feedstocks for the production of paint, titanium metal and in the ceramics industry. Depletion of existing supply combined with the increasing demand from Asia is widely forecast to results in deficits from 2014.
The compliance listing on AIM is in addition to the Company’s existing listing on the ASX and is part of a strategy to expand its international profile and capitalise on substantial UK and European investor interest in the Company and its Kwale Project.
The Kwale Project represents an advanced development opportunity with all material project approvals, permits and licenses required for development secured, funding in place and construction of all project elements underway. Development recently passed the 50% complete milestone.
The Project enjoys a high level of support from the Government of Kenya as well as the local community and, located just 50km from Mombasa, Kenya’s principal port facility, is well serviced by existing physical infrastructure.
Commenting on the admission, Tim Carstens said: “We are pleased to have completed our London listing, which we believe will give us access to a wider variety of international investors. The Company recognises that AIM is one of the world’s leading exchanges for junior resource companies, with a significant peer group, analyst coverage and institutional investor following of companies active in Africa.”
RFC Ambrian is acting as NOMAD and broker to Base and Tavistock Communications as financial communications adviser.