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Base extends its project financing

Base extends its project financing

Photo by Bloomberg

5th December 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Mineral sands miner Base Resources has extended its existing project finance facility agreement by a further $25-million, taking its total debt facility to $215-million.

Some $190-million of this facility has already been drawn down.

The miner said on Thursday that the additional project finance facility would be used to increase the working capital buffer during the ramp-up of its Kwale mineral sands project, in Kenya.

Base produced its first ilmenite and rutile concentrate from the mineral separation plant at Kwale this week.

The additional project finance facility was subject to the same key terms as the original facility, and Base told shareholders that work to satisfy the conditions precedent was well advanced, and would be completed over the next month.

This work included a final approval of the operating licence for the Likoni marine terminal and a report from the lender’s technical adviser on the start of production.

Edited by Creamer Media Reporter

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