Base Resources has announced a capital raising of $100 million to acquire an 85 per cent interest in the Madagascan Toliara Sands project from World Titane.
Toliara Sands, a high-grade, 857-million tonne mineral project primarily focused on ilmenite (titanium iron oxide) and zircon, and is considered one of the best mineral sands projects in the world.
Tim Carstens, Base Resources managing director said, “World Titane has invested significantly in progression of the Toliara Sands project over a number of years, establishing a world-class mineral resource.
“This is a transformational acquisition for Base Resources and represents a significant step in execution of the company’s strategic plan.”
Base Resources’ claim to the 85 per cent is conditional on completion of partial funding of $80 million; construction is pencilled for the second half of 2019 with a production start of mid-2021.
“We are very pleased to have concluded this transaction with Base Resources,” said Carlo Baravalle, World Titane chairman. “We are proud to be able to introduce Base Resources to now drive the Toliara Sands project towards construction.”