The share price of Australian mining company
The miner loaded 25,000 tonnes of Ilmenite extract for export, four years after it began the Mineral Sands projects in Kwale County.
Uncertainty over the status of Base Resource's export licence had limited the share price appreciation.
The miner had signed an agreement to pay 2.5 per cent loyalties on gross sales, but the government revised this to 10 per cent in new mining regulations which created a stand-off with the company.
"With production due to start in October and first shipments in December, in our opinion, the
The Kwale mines are estimated to have 950 million tonnes of rutile, zircon and ilmenite and other minerals worth around
Base Resource's share price has appreciated from around Australian
The miner's share price fell sharply in 2012 after then Environment and Mineral Resources minister Chirau Ali Mwakwere gave a legal notice requiring
There were also share price gains for oil and gas explorer
The British company saw its shares close at 768.94 (Sh1,109) pence, a 1.32 per cent increase from 758.50 (Sh1095) pence a day earlier.
The share price had fallen one day after the firm released its end of year results which showed a drop in profitability.
Tullow suffered a Sh6.8 billion loss from surrender of a Kenyan exploration block, but has indicated that it will forge ahead with its massive exploration programme that will see 40 wells dug over the next two years.
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