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Base Resources agrees to acquire Madagascar asset
Dual-listed mineral sands producer Base Resources told investors on Monday that its planned acquisition agreement for the Toliara Sands project in Madagascar was now unconditional.
Base Resources, which initially announced the deal back in December, was set to acquire an initial 85% interest in the wholly-owned Mauritian subsidiaries of World Titane Holdings, which between them held a 100% interest in the project, sometime during the week beginning 22 January.
The firm funded the acquisition of Toliara, a high-grade resource with 857m tonnes at 6.2% heavy minerals, by way of a $100m placing and entitlement offer, $75m of which was destined for World Titane.
Base planned to acquire the final 15% of Toliara upon the completion of certain undisclosed milestones.
As of 1200 GMT, shares had gained 1.56% to 16.25p.