With payment of the US$75 million up-front consideration by Base Resources, the initial 85% interest in the wholly-owned Mauritian subsidiaries of World Titane Holdings, which between them hold a 100% interest in the Toliara Sands project in Madagascar, and control, has now been transferred to the company.
Base Resources will acquire the remaining 15% interest, with a further $17 million payable on achievement of key milestones as the project advances to mine development.
“The Toliara Sands Project is a transformational acquisition and represents a significant step in execution of Base Resources’ strategic plan,” comments Base Resources MD, Tim Carstens.
“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 our management team, through participation in the capital raising reflects a shared enthusiasm.”
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