Base Resources sees 58% increase in H1 Ebitda

23rd February 2018 By: Anine Kilian - Contributing Editor Online

JOHANNESBURG (miningweekly.com) – Dual-listed Base Resources has reported a 58% increase earnings before interest, taxes, depreciation and amortisation (Ebitda) to $69.3-million for the half-year ended December 31, 2017.

Sales revenue rose by 28% year-on-year to $115.9-million, achieving an average price of product sold of $407/t, with the main drivers being higher ilmenite and zircon prices.

The company sold 225 814 t of ilmenite and 37 971 t of rutile during the period, as well as 3 287 t of zircon.

“Sales volumes were lower than the comparative period, owing to the timing of shipments,” Base said in a statement on Friday.

Net profit surged from $3.8-million in the comparative period, to $21.5-million in the six months under review.

Underlying costs remained steady at an average cost of $131/t of product sold.

The company said that cash flows used in investing activities increased to $21.4-million owing to its Kenya-based Kwale phase two optimisation project, which is on track for completion in June.