Kwale-based titanium explorer and miner Base Titanium has hit its annual production target for the year ending June 2020 against shocks occasioned by the COVID-19 pandemic.
Production for the firm’s three mineral pigments was locked in within its annually provided guidance with operations outputting a combined 465,670 tonnes.
Sales equally remained resilient in the period to stand at 329,483 tons for the year.
Base Titanium has attributed the strong performance in operations to sustained demand in the international markets against disruptions brought forth by the pandemic.
“Despite global uncertainty created by the Covid-19 pandemic, demand for all products remained firm. Global pigment producers have generally indicated that demand for pigment held up during the early part of the June quarter, but began to decline through May and June as the impact from Covid-19 related shutdowns in various regions started to take effect. However, the decline in pigment demand appears to have been less than initially anticipated,” the company noted on Tuesday.
The company has retained its 2021 guidance with minimum changes to the last year in expectations that demand will hold steady.
“Despite the uncertain outlook for pigment demand, Chinese pigment producers-the company’s main ilmenite customers, have again re-confirmed their demand for ilmenite and their intention to proceed with planned shipments over the remainder of calendar year 2020,” Base added.
Base Titanium, which still has two and a half years long mining tenure, will be banking on the capture of new mineral arrangements from the Mining Ministry and the resolution of pending community access wrangles to further its reach,
During the last quarter ending in June, the Australian based firm continued to push for VAT claims from the government. Base received claims totalling to Ksh.280.3 million ($2.6 million) from the Kenya Revenue Authority (KRA) in the last three months.
Credit: Source link