Base Resources


Primary ticker: ASX:BSE, AIM:BSE
Stage of development: Development, Production
Primary minerals: Mineral sands
Project to promote: Kwale Operations
Project location: Kenya

Base Resources (ASX & AIM: BSE) is an Australian-based, African-focused, mineral sands producer and developer with a track record of project delivery and operational performance.

We operate the established Kwale Operation in Kenya which produces a suite of mineral sands products, namely ilmenite, rutile and zircon. We are also developing the Toliara Project in Madagascar and conducting exploration in Tanzania. Base Resources is headquartered in Perth, Western Australia.

Benefiting from consistent production at Kwale Operations in a tight feedstock market, the Company has achieved consistently strong results enabling the establishment of a robust financial platform. An emerging global feedstock supply shortage provides the opportunity to grow the business and build a truly unique mineral sands company.

Cash: USD$77M

Major shareholders:
Pacific Road – 26%
Sustainable Capital – 24%
Regal Funds – 8%
Fidelity – 9%
Management Ownership – 2%

Management Profile

Tim Carstens – Managing Director
Mr Carstens is an experienced mining executive, with a career spanning more than 20 years in senior resources-sector roles, both in Australia and overseas, with Perilya Limited, North Limited, Robe River Iron Associates, Iron Ore Company of Canada and St Barbara Mines Limited. A chartered accountant by profession, he has strong experience in all aspects of business strategy development and implementation, acquisitions and divestments, debt and equity financing, organisational development and operational performance. He has been Managing Director of Base Resources since the Company’s inception in May 2008.

Mr Carstens is a Non-Executive Director of the Australia-Africa Minerals and Energy Group (AAMEG), the peak body representing Australian companies engaged in the development of Africa’s resource industry. He was Chair of AAMEG from 2016 to 2021.

What is your rationale for taking part in 121 Mining Investment?

Market engagement

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Extending mine life at Kwale – we have an expansion program ongoing. Progressing the Toliara Project – we continue to discuss fiscal terms with the Government of Madagascar

What do you think makes your company such a compelling investment?

We are an established mineral sands producer with very high demand for our products.