[Madagascar] Base Resources completes acquisition of Toliara Sands Project
Australian miner Base Resources has completed the acquisition of the Toliara Sands Project.
With payment of the $75 million up-front consideration by Base Resources, the initial 85 per cent interest in the wholly owned Mauritian subsidiaries of World Titane Holdings Ltd, which between them hold a 100 per cent interest in the Toliara Sands Project in Madagascar, held through wholly owned subsidiaries in Madagascar, and control, has now been transferred to the Company.
Base Resources will acquire the remaining 15% interest, with a further US$17 million payable on achievement of key milestones as the project advances to mine development.
Tim Carstens, Managing Director of Base Resources, commented: “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.”