Ann: US$75m RCF drawn and Kwale Operations maintained, page-11

I think it's a prudent to draw on this money, we don't know how the funding markets are responding to this environment, but I dare say, not positively and Base may need starter money for Toliara - whenever that may be.

Do I think they need it for Kwale? No, but I didn't think Corona would be this bad either.

Just an addition to the cash reserves point of US$37.7m.
That was 35 days ago. Base have stated that they have currently been unaffected by exporting into China (their main market - see article below).

We don't know exactly how much what was shipped in March, but it's a fair period of time, but take note of the this article in the Kenyan National Paper (particularly the date -19th March).












Simon Wall said on the 19th March "we just loaded". "Loaded" to me, means bulk shipment.

From the Dec quarterly.


A Rutile shipment is 10-12k. Mid point that and it's US$14m (sold in March). Ilmenite and Zircon shipment quantities are unknown, but they would have happened.

They also had 6,700 tonnes of Rutile in inventory from last quarter.



But my point relates to $$$ not accounted for after 28th February to the 31st March.

Pep