- Mineral sands producer Base Resources posted a 15% rise in annual profit after it enjoyed higher prices for rutile and zircon, while cutting operating costs.

Pre-tax profit for the year through June rose to $49.9m, up from $43.4m on-year, as revenue rose 5% to $209.5m.

'This has been a busy but rewarding year for Base Resources with our highly-productive Kwale operation in Kenya delivering a consistently strong performance and the world-class Toliara project in Madagascar progressing towards development,' chief executive Tim Carstens said.

'Strong price improvement for rutile and zircon contributed to record financial results for the company and we ended the year net cash positive, establishing a strong platform from which to grow the business. '

'Our focal points for the 2020 financial year are optimisation and consistent performance of the Kwale operations on the South Dune, pursuit of mine life extension at Kwale and continued progression of the Toliara project.'

The delivery of a definitive feasibility study and project funding were the immediate priorities at Toliara, Carstens said.

At 1:48pm: [LON:BSE] Base Resources Limited share price was 0p at 13.2p

Story provided by