Austral Gold: Q3 2019 Activity Report
October 22, 2019
Elemental Royalties Limited, (“Elemental”), a private company expanding a diversified portfolio of mineral royalties, is pleased to comment on the recent announcement made by Base Resources Limited (“Base”) of that company’s Q3 2019 activities report. Base is the operator of the Kwale mineral sands project located in Kenya, on which Elemental Royalties holds a 0.25% GRR royalty.
Elemental is pleased to note the positive report from Base, where mining operations were ramped up at the South Dune orebody following the transition from the fully depleted Central Dune orebody at the end of June. Mining commenced on the northern fringes of the South Dune, where grades are lower, resulting in reduced output, offset as ore grades improved throughout the quarter.
Elemental notes that total operating costs were higher than Q2 2019 due to higher power costs associated with the additional mining volume and pumping distance and an increase in costs associated with clearing of land ahead of mining activities. The higher total operating costs, when combined with the lower production volumes, resulted in a higher unit operating cost of US$173 per tonne produced (rutile, ilmenite, zircon and low-grade zircon), compared with US$127 in Q2 2019.
The text above is Elemental Royalties’ comment to the operator’s news release and is not included within the original release. The original article is available using the links below.
About Elemental Royalties Limited
Elemental is a private company providing investors with exposure to a dividend-paying royalty company building a diverse portfolio of mining royalties, benefiting from ongoing royalty revenue, future exploration upside and low operating costs.
Since early 2017 Elemental has assembled a portfolio of five royalties over seven commodities in four countries, four of which cover producing mines. Immediate cash-flow has enabled the Company to limit dilutive fund-raisings to facilitate royalty acquisitions, and to pay a dividend from inception.
Elemental’s focus remains on securing royalties over advanced assets with established operators and credible counter-parties from a robust pipeline of potential royalty acquisitions across commodities and geographies.
For further information you are invited to visit the Company’s website www.elementalroyalties.com or contact:
|Elemental Royalties Limited|
|T: +44 (0)203 983 7040|
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