Base Resources completes Toliara Sands acquisition

Western Australia-based mineral sands producer Base Resources has completed its acquisition of the Toliara Sands Project in Madagascar with an upfront payment of $75m made to World Titane Holdings' wholly owned Mauritian subsidies.

Base transferred the funds for an initial 85% interest in World Titane's local subsidiaries on Tuesday and planned to acquire the remaining 15% interest for a further $17m on the achievement of key milestones as the project advances to mine development.

Tim Carstens, managing director of Base Resources, said, "The Toliara Sands Project is a transformational acquisition and represents a significant step in execution of the company's strategic plan."

"We are excited to now proceed with the development of what we consider to be one of the very best mineral sands projects in the world. The strong support demonstrated by institutional and retail shareholders, as well as the Base Resources management team, through participation in the capital raising reflects a shared enthusiasm," he added.

As of 1040 GMT, shares had grown 0.95% to 15.90p.