35% Local Equity Regulation Not Applicable to K...
ASX, AIM and Media Release
11 January 2013
35% LOCAL EQUITY REGULATION NOT APPLICABLE TO KWALE
Base Resources Limited (ASX:BSE AIM:BSE) ("Base" or "the Company") is pleased
to advise that it has received formal notification that the Attorney General of
Kenya has determined that the recently introduced 35% Local Equity
Participation Regulation ("the Regulations") cannot be applied to the Special
Mining Lease No. 23 covering the Company's 100% owned Kwale Mineral Sands
Project.
The Attorney General's advice that the Regulations can only be applied to
mining licenses issued after the Regulations came into force, being 12 October
2012, corroborates the legal advice previously received by Base in this
respect.
Notwithstanding this determination, Base will continue to work constructively
with the Government of Kenya to facilitate greater Kenyan equity participation
over time in both Base and the mining industry in general.
A full PDF version of this announcement is available at the Company's website:
www.baseresources.com.au.
ENDS
Contacts:
Base Resources Limited
Tim Carstens
Managing Director
Email: tcarstens@baseresources.com.au
Phone: +61 (8) 9413 7400
RFC Ambrian Limited (Nominated Adviser and Broker)
As Nominated Adviser As Broker
Andrew Thomson or Trinity McIntyre Caspar Shand-Kydd
Phone: +61 (8) 9480 2500 Phone: +44 20 3440 6800
Tavistock Communications (UK Media Relations)
Jos Simson/ Jessica Fontaine/ Emily Fenton
Phone: +44 20 7920 3157
Cannings Purple (Australian Media Relations)
Annette Ellis / Warrick Hazeldine
Email: aellis@canningspurple.com.au
whazeldine@canningspurple.com.au
Phone: +61 (8) 6314 6300
Corporate Details:
Board of Directors: Principal & Registered Contacts:
Office:
Andrew King Non-Executive Chairman Level 1 Email:
Tim Carstens Managing Director 50 Kings Park Road info@baseresources.com.au
Colin Bwye Executive Director West Perth Phone: (08) 9413 7400
Sam Willis Non-Executive Director WA 6005 Fax: (08) 9322 8912
Michael Anderson Non-Executive Director
Trevor Schultz Non-Executive Director
Winton Willesee Non-Executive Director/ Company Secretary
About Base Resources
Base Resources Limited (ASX:BSE AIM:BSE) is developing the world-class Kwale
Mineral Sands Project in Kenya, East Africa. Kwale is an advanced and highly
competitive project in a sector with a significant forecast supply shortfall
widely expected to emerge in the medium term.
The Kwale Project represents an advanced development opportunity with all
material project approvals, permits and licenses required for development
secured, funding in place and construction of all project elements underway.
The Project enjoys a high level of support from the Government of Kenya as well
as the local community and, located just 50km from Mombasa, Kenya's principal
port facility, is well serviced by existing physical infrastructure.
Importantly, two pilot plant operations at Kwale provide confidence in
processing behaviour and indicate a suite of readily marketable products. The
Project's high value mineral assemblage and low stripping ratio result in a
projected revenue to cash cost ratio that would place Kwale in the top quartile
of world producers.
A realistic development time line should see the Kwale Project in production in
the second half of 2013.
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