Base Resources' Kenya mine revenue to rise 12 pct in 2015/16

Posted on : Saturday, 24th January 2015

Australia's Base Resources expects revenue from its Kenya titanium mine to climb 12 percent in its next financial year to June 2016 due to an 8 percent rise in export volumes, Managing Director Tim Carstens said on Tuesday. East Africa's largest economy is seeking to expand its relatively modest and undeveloped mining sector, and the flagship $305 million Base Resources project is seen as integral to that plan. Carstens told a conference call the company expected revenue of $140 million in the financial year ending June 2016 from $125 million this financial year. Exports of ilmenite - mined for titanium dioxide production and used as a base pigment in paint, paper and plastics - would be around 400,000 tonnes next financial year from about 380,000 tonnes this financial year. Carstens said sales of rutile - used to make refractory ceramic and as a pigment - would rise to 80,000 tonnes from 74,000 tonnes in the year ending June 2015, while those of zircon would jump to 30,000 tonnes from 20,000 tonnes. Base Titanium, Kenya's first large-scale international mining project, shipped the first consignment of minerals last February after years of delays.