Base Resources agrees to acquire Madagascar asset
Dual-listed mineral sands producer Base Resources told investors on Monday that its planned acquisition agreement for the Toliara Sands project in Madagascar was now unconditional.
Base Resources Ltd
5.40p
16:55 19/04/24
FTSE AIM All-Share
745.67
17:08 19/04/24
Mining
10,765.51
17:10 19/04/24
Base Resources, which initially announced the deal back in December, was set to acquire an initial 85% interest in the wholly-owned Mauritian subsidiaries of World Titane Holdings, which between them held a 100% interest in the project, sometime during the week beginning 22 January.
The firm funded the acquisition of Toliara, a high-grade resource with 857m tonnes at 6.2% heavy minerals, by way of a $100m placing and entitlement offer, $75m of which was destined for World Titane.
Base planned to acquire the final 15% of Toliara upon the completion of certain undisclosed milestones.
As of 1200 GMT, shares had gained 1.56% to 16.25p.