Base Resources Ltd (LON:BSE)(ASX:BSE) has returned record revenue, earnings and net profits for the year to end June as a result of sales price increases and an increased focus on efficiency.

During the period the company also successful transitioned mining operations to the South Dune orebody at its Kwale mineral sands mine in Kenya and released a pre-feasibility study for its Toliara project in Madagascar. 

Accordingly, Kwale production came in in line with guidance at 92,393 tonnes of rutile, 402,698 tonnes of ilmenite and 31,941 tonnes of zircon, and the mining rate increased by 57% to 17.8mln tonnes per year.

There was a 22% increase in the average rutile price and a 28% increase in the zircon price. This helped boost revenue by 5% to US$209.5mln.

EBITDA increased 4% to US$113.5mln and net profits after tax by 15% to US$39.2mln.

Net cash at the end of June stood at US$19.2mln.

“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,” said Tim Carstens, managing director of Base Resources.

“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 FY20 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 towards a development decision, with delivery of the DFS and project funding the immediate priorities.”