AIM and Media Release
7 November 2019
BASE RESOURCES LIMITED
Toliara Project – Government of Madagascar statement
African mineral sands producer, Base Resources Limited
(ASX & AIM: BSE) (Base Resources or the Company)
advises that an official statement has been released by the
Government of Madagascar requiring
the suspension of on-the-ground activity at the Company’s Toliara
Project whilst discussions on fiscal terms applying to the project
are progressed.
This development will not impact the Company’s progression of
the Definitive Feasibility Study for the Toliara Project as all
necessary on-ground works have been completed. The Definitive
Feasibility Study remains on track for release in December 2019.
Unfortunately, however, this suspension will impact the
community development programs currently underway and the several
hundred local Malagasy people who are presently undertaking
training programs with the Toliara Project. This is clearly
regrettable.
The Toliara Project enjoys broad community support, locally,
regionally and nationally, as the significant economic and social
benefits are clear. While there were some early community
protests, these have dissipated with an extensive communication
program better explaining the project and the opportunity it
represents. The few more recent localised events have
represented illegal actions by a small minority that were dealt
with by the Malagasy legal system. It is therefore
disappointing that the Malagasy government has now stated this as a
justification for requiring a suspension.
The Company will continue to engage in a transparent and
respectful dialogue with Government to deepen its understanding of
the significant benefits of the project to Madagascar and secure agreement on mutually
beneficial fiscal terms that represent a sound and sustainable
basis on which the Toliara Project may proceed to development.
A further update will be provided when discussions with
Government have progressed.
ENDS.
For further information contact:
James Fuller, Manager Communications
and Investor Relations |
UK Media Relations |
Base Resources |
Tavistock Communications |
Tel: +61 (8) 9413 7426 |
Jos Simson and Barnaby Hayward |
Mobile: +61 (0) 488 093 763 |
Tel: +44 (0) 207 920 3150 |
Email:
jfuller@baseresources.com.au |
|
About Base Resources
Base Resources is an Australian based, African focused, mineral
sands producer and developer with a track record of project
delivery and operational performance. The Company operates
the established Kwale Operations in Kenya and is developing the Toliara Project in
Madagascar. Base Resources is an ASX and AIM listed
company. Further details about Base Resources are available
at www.baseresources.com.au
PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
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Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
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Stephen Allen
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