Base Resources Ltd., the mineral-sands developer that began production from a $292 million Kenyan mine in October, plans to harness profit from the project to acquire its next operation in 2014.
“Next year will be a year of transaction,” Tim Carstens, managing director of the Perth, Australia-based company, said yesterday in an interview in London. The project must “generate the sort of returns shareholders would expect.”
Base shares have risen about fourfold since the acquisition of the Kwale project in August 2010. The company plans its first shipment for January and will be profitable next year, Carstens said.
Base will look to acquire an “advanced asset” in Africa rather than an exploration project, according to the director. Potential targets include copper and gold ventures, he said.