TIDMBSE 
 
AIM Release 
 
23 February 2018 
 
BASE RESOURCES LIMITED 
Interim Financial Report - period ended 31 December 2017 
 
Base Resources Limited (ASX & AIM: BSE) (Base Resources) is pleased to provide 
the following extracts from the company's Interim Financial Report for the six 
month ended 31 December 2017. 
 
1.  Review of Operations 
 
2.  Market Developments and Outlook 
 
3.  Review of Financial Performance 
 
4.  Consolidated Statement of Profit or Loss and Other Comprehensive Income 
 
5.  Consolidated Statement of Financial Position 
 
6.  Consolidated Statement of Changes in Equity 
 
7.  Consolidated Statement of Cash Flows 
 
These extracts should be read with reference to the notes contained in the full 
version of the Interim Financial Report, a copy of which is available from the 
Company's website:  www.baseresources.com.au . 
 
Highlights 
 
Highlights from Base Resources' interim financial results for the six month 
period ended 31 December 2017 are as follows: 
 
A$ million[1]                               Six months to      Six months to   % Change 
                                         31 December 2017   31 December 2016 
                                       (reporting period)       (comparative 
                                                                     period) 
 
Kwale Operation Sales Revenue          115.9              90.6                     +28% 
 
Kwale Operation EBITDA                 72.4               46.8                     +55% 
 
Group EBITDA                           69.3               44.0                     +58% 
 
Net Profit / (loss)                    21.5               3.8                     +466% 
 
Reduction in Net Debt (during the      44.1               24.5                     +80% 
six-month period)[2] 
 
Net Debt outstanding at end of period  (84.1)             (179.7)                  -53% 
[2] 
 
[Note 1:  All figures reported in Australian dollars unless otherwise stated. 
Note 2:  Net Debt consists of the outstanding balance of debt facilities less 
cash less restricted cash held in the debt service reserve account.] 
 
  * Sales volumes: 225,814 tonnes of ilmenite (comparative period: 236,488 
    tonnes), 37,971 tonnes of rutile (comparative period: 42,796 tonnes), 
    17,427 tonnes of zircon (comparative period: 17,957 tonnes) and 3,287 
    tonnes of zircon low grade (comparative period: 3,397 tonnes).  Sales 
    volumes were lower than the comparative period, despite higher production 
    volumes, solely due to the timing of shipments. 
  * Sales revenue: A$115.9 million (comparative period: A$90.6 million), 
    achieving an average price of product sold (rutile, ilmenite, zircon and 
    zircon low grade) of A$407 per tonne, or US$317 per tonne, (comparative 
    period: A$302 per tonne or US$227 per tonne) with the main drivers being 
    higher ilmenite and zircon prices. 
  * Costs: Underlying costs remained steady at an average cost of A$131, or 
    US$102, per tonne of product sold (comparative period: A$130, or US$98, per 
    tonne).  Reflecting the 5% decrease in sales volume, total cost of goods 
    sold decreased by 5% to A$37.2 million (comparative period: A$39.0 
    million). 
  * Revenue to cash cost ratio: The Kwale Operation achieved a revenue to cost 
    of sales ratio of 2.8:1, comfortably positioning it in the first quartile 
    of mineral sands producers. 
  * Group EBITDA: A$69.3 million, representing a 58% increase (comparative 
    period: A$44.0 million) on the back of improving commodity prices and a 
    continued tight focus on cost management. 
  * Cash flow from operations: A$73.5 million (comparative period: A$45.1 
    million). 
  * Capital investment: Cash flows used in investing activities increased to 
    A$21.4 million (comparative period: A$3.0 million) due to the Kwale Phase 2 
    mine optimisation project commencing during the reporting period and on 
    track for completion of construction in the June quarter of 2018. 
  * Reduction in net debt: A$44.1 million (comparative period: A$24.5 million), 
    bringing net debt to A$84.1 million (US$65.6 million) at the end of the 
    reporting period. 
 
1. Review of Operations 
 
Base Resources operates the 100% owned Kwale Operation in Kenya, which 
commenced production in late 2013.  The Kwale Operation is located 10 
kilometres inland from the Kenyan coast and 50 kilometres south of Mombasa, the 
principal port facility for East Africa. 
 
During the reporting period, the staged increase in the Hydraulic Mining Unit ( 
HMU) production progressed according to plan, with the HMU successfully 
increasing from 400 tonnes per hour (tph) to 800tph and resulting in increased 
HMU mining volume of 2.4 million tonnes compared with 1.4 million tonnes in the 
six months to 30 June 2017 (prior period) and 0.8 million tonnes in the 
comparative period. The increase in HMU capacity has commensurately reduced the 
demand on the existing Dozer Trap Mining Unit (DMU) with tonnes mined falling 
to 3.5 million compared with 4.2 million in the prior period and 4.6 million in 
the comparative period. Mined ore grade remained consistent with the prior 
period (7.6%) as mining proceeded around the north-western fringes of the 
Central Dune orebody and was higher than the comparative period (6.6%) as the 
HMU was initially implemented in lower grade blocks. 
 
Mining and WCP Performance                Six months   Six months  Six months 
                                         to Dec 2017  to Jun 2017 to Dec 2016 
 
Ore mined (tonnes)                         5,906,079    5,640,432   5,374,507 
 
Heavy mineral (HM) %                           7.61%        7.59%       6.56% 
 
WCP Heavy mineral concentrate produced       435,305      391,953     316,451 
(tonnes) 
 
The Kwale Operation is designed to process ore to recover three separate 
products - rutile, ilmenite and zircon.  Ore is received at the wet 
concentrator plant (WCP) from the mining units via a slurry pipeline. The WCP 
removes slimes, concentrates the valuable heavy minerals (rutile, ilmenite and 
zircon) with a number of gravity separation steps and rejects most of the 
non-valuable, lighter gangue minerals to produce a heavy mineral concentrate ( 
HMC). The HMC, containing approximately 90% heavy minerals, is then processed 
in the mineral separation plant (MSP). The MSP cleans and separates the rutile, 
ilmenite and zircon minerals into finished products for sale. 
 
The increase in mining volume and improved ore grade resulted in production of 
HMC increasing to 435,305 tonnes, higher than the prior period's 391,953 tonnes 
and the comparative period's 316,451 tonnes. The HMC stockpile increased to 
137,741 tonnes at 31 December 2017 (83,632 tonnes at 30 June 2017), due to the 
high HMC production and steady MSP throughput. Current HMC inventory is more 
than sufficient to ensure uninterrupted MSP feed during the final 
implementation of the Kwale Phase 2 (KP2) Project, where a one month shut of 
the WCP is scheduled in the March quarter to tie in plant modifications and 
equipment upgrades. 
 
MSP Performance                           Six months   Six months  Six months 
                                         to Dec 2017  to Jun 2017 to Dec 2016 
 
MSP feed (tonnes of heavy mineral            381,297      379,246     384,925 
concentrate) 
 
MSP feed rate (tph)                               91           91          92 
 
MSP recovery % [3] 
 
Ilmenite                                        100%         101%        100% 
 
Rutile                                          100%          99%         96% 
 
Zircon                                           77%          73%         73% 
 
Production (tonnes) 
 
Ilmenite                                     238,585      231,732     235,627 
 
Rutile                                        45,587       45,869      44,756 
 
Zircon                                        18,705       16,587      17,641 
 
Zircon low grade                               1,425        5,500       4,710 
 
[Note 3:   The presence of altered ilmenite species that are not defined as 
either "rutile" or "ilmenite" in the Resource but are recovered in the 
production of both, results in calculated recoveries above 100% being 
achievable for both products] 
 
The MSP has continued to yield high throughput rates with an average of 91tph 
achieved for the reporting period (91tph in the prior period) and total MSP 
feed remaining steady at 381,297 tonnes (379,246 tonnes in the prior period). 
 
Ilmenite production continued at above design capacity, achieving production of 
238,585 tonnes (231,732 tonnes in the prior period), primarily due to slightly 
higher contained ilmenite in the MSP feed. This was partially offset by the 
lower average ilmenite recoveries of 100% (101% in the prior period). 
 
Rutile production remained steady at 45,587 tonnes in the reporting period 
(45,869 tonnes in the prior period). 
 
Zircon production increased to 18,705 tonnes for the reporting period (16,587 
tonnes in the prior period) due to higher average zircon recoveries of 77% (73% 
in the prior period). 
 
In addition to primary zircon, in July 2016, Kwale Operations commenced 
production of a lower grade zircon product (zircon low grade) from the 
re-processing of run-of-production and stockpiled zircon circuit tails into a 
zircon rich concentrate. Sales of this zircon low grade product have realised 
70-80% of the value of each contained tonne of zircon. Reported zircon low 
grade represents the volume of zircon contained in the concentrate. When 
combined with primary zircon recoveries, the production of zircon low grade has 
effectively lifted total zircon recoveries well above the design target of 78%. 
During the reporting period the zircon tails feed stockpile was fully depleted, 
and no further zircon low grade will be produced in the 2018 financial year. 
 
With no serious injuries occurring during the reporting period, Kwale 
Operations lost time injury (LTI) frequency rate remains at zero.  The 

Company's employees and contractors have now worked 11.0 million man-hours LTI 
free, with the last LTI recorded in February 2014. 
 
Marketing and sales                       Six months   Six months  Six months 
                                         to Dec 2017  to Jun 2017 to Dec 2016 
 
Sales (tonnes) 
 
Ilmenite                                     225,814      265,188     236,488 
 
Rutile                                        37,971       49,195      42,796 
 
Zircon                                        17,427       16,609      17,957 
 
Zircon low grade                               3,287        6,104       3,397 
 
Base Resources has a number of off-take agreements across each of its three 
products with some of the world's largest consumers of titanium dioxide 
minerals and zircon products, including a cornerstone agreement with Chemours 
for the majority of our rutile production. These agreements provide off-take 
security for the Kwale Operation and contain firm minimum annual offtake 
volumes.  All sale values are derived from prevailing market prices, based on 
agreed price indices or periodic price negotiations. 
 
In the reporting period, Base Resources sold more than 280,000 tonnes of 
product from the Kwale Operation, with shipments being made to a combination of 
customers with existing offtake agreements, regular customers buying on a spot 
basis and casual spot customers. 
 
Base Resources has maintained its strong market presence in China - the world's 
largest ilmenite market - with over 225,000 tonnes of ilmenite sold into the 
Chinese market during the reporting period.  Solid relationships with major 
Chinese ilmenite consumers have ensured regular sales through a mix of shorter 
term contracts (one to three-year duration) and spot sales. 
 
2. Market Developments and Outlook 
 
Titanium Dioxide 
 
Ilmenite and rutile are primarily used as feedstock for the production of 
titanium dioxide (TiO2) pigment, with a small percentage also used in the 
production of titanium metal and fluxes for welding rods and wire.  TiO2 is the 
most widely used white pigment because of its non-toxicity, brightness and very 
high refractive index. It is an essential component of consumer products such 
as paint, plastics and paper. Pigment demand is therefore a major driver of 
ilmenite and rutile pricing. 
 
Global consumption of pigment has maintained a long-term average growth rate 
closely correlated to global GDP, at approximately 3% per annum.  However, 
volatility in the global economy in recent years has created significant 
fluctuations in this growth rate, manifesting in big swings in inventory levels 
throughout the entire pigment supply chain.  Excess pigment inventories in the 
downstream supply chain were finally exhausted by the end of the 2016 financial 
year, resulting in a significant tightening of the market. 
 
The global TiO2 pigment industry remained buoyant through the reporting 
period.  High plant utilisation rates and low inventory levels among the major 
western pigment producers have continued to support a strong pigment pricing 
environment.  Chinese pigment prices stabilised following some volatility 
through the first half of the reporting period.  Restrictions to Chinese 
pigment production, caused by government environmental inspections and a gas 
shortage, helped underpin pigment prices and off-set the impact of the usual 
seasonal slowdown in pigment demand through the northern hemisphere winter. 
 
Chinese domestic ilmenite production has gradually increased through the 
reporting period following a sharp decrease in July and August on the back of 
central government environmental inspections.  This has been offset by 
decreasing foreign ilmenite supply into China from Vietnam as export quotas 
from the Vietnamese government were exhausted and the ongoing ban on production 
and export of ilmenite from Tamil Nadu in India.  As a result, the price of 
ilmenite sales to Chinese customers has been volatile throughout the reporting 
period, with prices softening towards the end of the period due to the 
restricted pigment production and seasonal slowdown. 
 
The combination of increased Chinese production, a possible increase in 
Vietnamese ilmenite supply following granting of new export quotas, (although 
actual volume increase will be heavily dependent on the economic viability of 
mines) and the seasonally weak demand is restraining prices of ilmenite sales 
to China in the short term.  Ilmenite demand for pigment production is expected 
to increase as the Chinese gas shortages ease and the seasonal demand picks up 
in the northern hemisphere spring. 
 
A supply deficit in the high-grade feedstock sector (which includes rutile), 
driven mostly by the strength in the western chloride pigment sector, is 
resulting in continued upward price momentum.  It is expected that this will 
translate into price gains as offtake contracts are renewed in 2018 for bulk 
rutile and chloride slag sales to large mainstream customers. 
 
In the absence of substantial new feedstock supply coming online, the titanium 
dioxide feedstock market is expected to remain in structural supply deficit, 
providing an opportunity for continued price strength in both ilmenite and 
rutile over the coming years. 
 
Zircon 
 
Zircon has a range of end-uses, the largest of which is in the production of 
ceramic tiles, which accounts for more than 50% of global zircon consumption. 
Milled zircon enables ceramic tile manufacturers to achieve brilliant opacity, 
whiteness and brightness in their products. Zircon's unique properties include 
heat and wear resistance, stability, opacity, hardness and strength, making it 
sought after for other applications such as refractories, foundries and 
specialty chemicals. 
 
Demand growth for zircon is closely linked to growth in global construction and 
increasing urbanisation in the developing world.  These factors have improved 
in line with the acceleration of global economic growth over the past two years 
resulting in steady demand growth for zircon.  A significant draw down of 
inventories of zircon throughout the supply chain, along with constraints on 
global production, have resulted in a rapidly tightening market and sharp 
increases in zircon prices since 2016.  Ongoing firm demand and restricted 
supply is expected to lead to further price improvement in zircon through the 
remainder of financial year 2018. 
 
3. Review of Financial Performance 
 
Base Resources recorded a profit after tax of A$21.5 million for the six-month 
reporting period, compared with A$3.8 million in the comparative period, 
primarily due to higher sales revenues. 
 
                            Six months to 31 December 2017 Six months to 31 December 2016 
 
                                 Kwale      Other    Total      Kwale      Other     Total 
                            Operations operations          Operations operations 
 
                                A$000s     A$000s   A$000s     A$000s     A$000s    A$000s 
 
Sales Revenue                  115,905          -  115,905     90,646          -    90,646 
 
Cost of goods sold excluding depreciation & amortisation: 
 
Operating costs               (35,502)          - (35,502)   (32,500)          -  (32,500) 
 
Changes in inventories of 
concentrate and finished         6,340          -    6,340      (339)          -     (339) 
product 
 
Royalties expense              (7,995)          -  (7,995)    (6,165)          -   (6,165) 
 
Total cost of goods sold      (37,157)          - (37,157)   (39,004)          -  (39,004) 
[4] 
 
Corporate & external           (2,393)    (2,499)  (4,892)    (2,410)    (2,693)   (5,103) 
affairs 
 
Community development          (1,311)          -  (1,311)    (1,303)          -   (1,303) 
 
Selling & distribution         (2,522)          -  (2,522)    (1,478)          -   (1,478) 
costs 
 
Other income / (expenses)        (141)      (590)    (731)        325      (108)       217 
 
EBITDA [4]                      72,381    (3,089)   69,292     46,776    (2,801)    43,975 
 
Depreciation & amortisation   (30,146)       (27) (30,173)   (23,467)       (45)  (23,512) 
 
EBIT [4]                        42,235    (3,116)   39,119     23,309    (2,846)    20,463 
 
Net financing expenses         (9,929)    (1,819) (11,748)   (12,509)    (4,122)  (16,631) 
 
Income tax expense             (5,877)          -  (5,877)          -          -         - 
 
NPAT [4]                        26,429    (4,935)   21,494     10,800    (6,968)     3,832 
 
[Note 4:   Base Resources' financial results are reported under International 
Financial Reporting Standards (IFRS). These Financial Statements include 
certain non-IFRS measures including EBITDA, EBIT and NPAT. These measures are 
presented to enable understanding of the underlying performance of the Group 
and have not been audited/reviewed] 
 
Sales revenue was A$115.9 million for the reporting period (comparative period: 
A$90.6 million), achieving an average price of product sold (rutile, ilmenite, 
zircon and zircon low grade) of A$407 or US$317 per tonne (A$302 or US$227 per 
tonne in the comparative period), with the main driver being the rising 
ilmenite and zircon prices.  Total cost of goods sold, excluding depreciation 
and amortisation, was A$37.2 million for the reporting period (comparative 
period: A$39.0 million) at an average cost of A$131 or US$102 per tonne of 
product sold (A$130 or US$98 per tonne in the comparative period).  Operating 
cost per tonne produced was higher at A$117 or US$91 per tonne for the 
reporting period (A$107 or US$81 per tonne in the comparative period), due to 
higher unit electricity costs and mobile equipment maintenance as the fleet 
ages. 
 
With an achieved revenue to cost of sales ratio of 2.8 in the reporting period 
(2.3 in the comparative period), the Company remains well positioned in the 
upper quartile of mineral sands producers. 
 
Improved commodity prices and a continued focus on cost management has 
delivered a Kwale Operations EBITDA for the reporting period of A$72.4 million 

(A$46.8 million in the comparative period) and a Group EBITDA of A$69.3 million 
(A$44.0 million in the comparative period). 
 
Depreciation and amortisation has increased for the reporting period to A$30.1 
million (A$23.5 million in the comparative period), due to a reduction in the 
Kwale Operations expected mine life following the approval of the Kwale Phase 2 
project implementation, which will significantly increase future mining rates. 
 
A net profit after tax of A$26.4 million was recorded by Kwale Operations 
(A$10.8 million in the comparative period) and A$21.5 million for the Group 
(A$3.8 million in the comparative period). Earnings per share for the Group was 
2.89 cents per share (0.52 cents per share in the comparative period). 
 
Cash flow from operations was A$73.5 million for the reporting period (A$45.1 
million in the comparative period), slightly higher than Group EBITDA due to 
working capital movements. 
 
In July 2017, following approval from the Kwale Operations Debt Facility (Kwale 
Facility) lenders to waive their entitlement to sweep 50% of the operations 
surplus cash in July 2017 (a 'cash sweep'), US$14.8 million was distributed up 
to Base Resources. Base Resources applied US$11.8 million of the cash sweep to 
retire the Taurus Debt Facility. 
 
In October 2017, the Group established a US$25.0 million (subsequently 
increased to US$30 million) corporate Revolving Credit Facility (RCF) to 
provide the Group with additional funding flexibility. In accordance with the 
terms of the RCF, In December 2017, Base Resources utilised US$7.4 million of 
the RCF to repay the Kwale Facility lenders waived portion of the July 2017 
cash sweep. 
 
During the reporting period, US$28.3 million of the Kwale Operations Debt 
Facility (Kwale Facility) was paid down through a combination of scheduled 
repayments and supplementary repayments, from the proceeds of the RCF, reducing 
the outstanding Kwale Facility to US$112.8 million. 
 
Total debt outstanding at 31 December 2017 was A$154.1 million (US$120.3 
million) reduced from A$199.0 million at 30 June 2017 (US$153.0 million). The 
Company's net debt position at 31 December 2017 reduced to A$84.1 million 
(US$65.6 million), from A$128.2 million (US$98.5 million) at 30 June 2017. Net 
debt at 31 December excludes A$15.5 million of restricted cash proceeds 
received prior to completion of the A$100.0 million share offer announced on 19 
December 2017 and held at period end. 
 
After Balance Date Events 
 
Subsequent to the end of the reporting period, in January 2018, in accordance 
with the terms of the Kwale Facility, a cash sweep of US$12.5 million was 
distributed from Kwale Operations. Half of the cash sweep (US$6.25 million) 
went towards mandatory repayment of the Kwale Facility, with the other half 
distributed to the parent entity, Base Resources. The outstanding Kwale 
Facility debt after this repayment was US$106.6 million (A$136.6 million). 
Total debt outstanding has been reduced to US$114.0 million (A$146.1 million). 
 
Subsequent to the end of the reporting period, in January 2018, the Company 
completed the US$75 million acquisition of an initial 85% interest in the 
wholly owned Mauritian subsidiaries of World Titane Holdings Ltd (World Titane 
), which between them hold a 100% interest in the Toliara Sands Project in 
Madagascar (held through wholly owned subsidiaries in Madagascar). Base 
Resources will acquire the remaining 15% interest, with a further US$17.0 
million payable on achievement of key milestones, as the project advances 
towards mine development. The acquisition was funded by the issue of 
380,381,075 shares at a price of A$0.255 per share, raising funds of A$97.0 
million, completed in January 2018. 
 
4. Consolidated Statement of Profit or Loss and Other Comprehensive Income 
 
                                                  6 months to    6 months to 
                                                  31 December    31 December 
                                                         2017           2016 
 
                                          Note         A$000s         A$000s 
 
Sales revenue                                         115,905         90,646 
 
Cost of sales                              2         (67,303)       (62,471) 
 
Profit from operations                                 48,602         28,175 
 
Corporate and external affairs                        (4,919)        (5,148) 
 
Community development costs                           (1,311)        (1,303) 
 
Selling and distribution costs                        (2,522)        (1,478) 
 
Other (expenses) / income                               (731)            217 
 
Profit before financing income and                     39,119         20,643 
income tax 
 
Financing costs                            3         (11,748)       (16,631) 
 
Profit before income tax                               27,371          3,832 
 
Income tax expense                                    (5,877)              - 
 
Net profit after tax for the period                    21,494          3,832 
 
Other comprehensive income 
 
Items that may be reclassified subsequently to 
profit or loss: 
 
Foreign currency translation differences              (3,208)          6,239 
- foreign operations 
 
Total other comprehensive income for the              (3,208)          6,239 
period 
 
Total comprehensive income for the                     18,286         10,071 
period 
 
Net Earnings per share                                  Cents          Cents 
 
Basic earnings per share (cents per                      2.89           0.52 
share) 
 
Diluted earnings per share (cents per                    2.69           0.48 
share) 
 
The notes contained in the full version of the Interim Financial Report form 
part of these consolidated financial statements, a copy of which is available 
from the company's website:  www.baseresources.com.au . 
 
5. Consolidated Statement of Financial Position 
 
                                                   31 December  30 June 2017 
                                                          2017 
 
                                         Note           A$000s        A$000s 
 
Current assets 
 
Cash and cash equivalents                               30,524        36,790 
 
Restricted cash                            4            55,024        34,042 
 
Trade and other receivables                5            42,438        57,317 
 
Inventories                                6            33,959        24,090 
 
Other current assets                                     6,480         5,891 
 
Total current assets                                   168,425       158,130 
 
Non-current assets 
 
Property, plant and equipment              7           320,931       334,634 
 
Capitalised exploration and evaluation                   2,780         2,652 
 
Total non-current assets                               323,711       337,286 
 
Total assets                                           492,136       495,416 
 
Current liabilities 
 
Trade and other payables                   4            43,365        26,926 
 
Borrowings                                 8            68,483        77,034 
 
Provisions                                               1,759         1,696 
 
Deferred revenue                                         1,068         1,084 
 
Other liabilities                                          826           841 
 
Total current liabilities                              115,501       107,581 
 
Non-current liabilities 
 
Borrowings                                 8            79,283       114,633 
 
Provisions                                              28,752        28,907 
 
Deferred tax liability                                  13,218         7,606 
 
Deferred revenue                                         1,334         1,897 
 
Total non-current liabilities                          122,587       153,043 
 
Total liabilities                                      238,088       260,624 
 
Net assets                                             254,048       234,792 
 
Equity 
 
Issued capital                             9           225,992       225,298 
 
Reserves                                                44,604        48,246 
 
Accumulated losses                                    (16,548)      (38,752) 
 
Total equity                                           254,048       234,792 
 
The notes contained in the full version of the Interim Financial Report form 
part of these consolidated financial statements, a copy of which is available 
from the company's website:  www.baseresources.com.au . 
 
6. Consolidated Statement of Changes in Equity 
 
                                                            Share     Foreign 
                                    Issued Accumulated      based    currency      Total 
                                   capital      losses    payment translation 
                                                          reserve     reserve 
 
                                    A$000s      A$000s     A$000s      A$000s     A$000s 
 
Balance at 1 July 2016             223,548    (61,454)      6,775      48,005    216,874 
 
Profit for the period                    -       3,832          -           -      3,832 
 
Other comprehensive income               -           -          -       6,239      6,239 
 
Total comprehensive income for           -       3,832          -       6,239     10,071 
the period 
 
Transactions with owners, recognised directly in equity 
 
Shares issued during the             1,750           -          -           -      1,750 
period, net of costs 
 
Share based payments                     -       1,671      (851)           -        820 
 
Balance at 31 December 2016        225,298    (55,951)      5,924      54,244    229,515 
 
Balance at 1 July 2017             225,298    (38,752)      6,757      41,489    234,792 
 
Profit for the period                    -      21,494          -           -     21,494 
 

Other comprehensive income               -           -          -     (3,208)    (3,208) 
 
Total comprehensive income for           -      21,494          -     (3,208)     18,286 
the period 
 
Transactions with owners, recognised directly in equity 
 
Share based payments                   694         710      (434)           -        970 
 
Balance at 31 December 2017        225,992    (16,548)      6,323      38,281    254,048 
 
The notes contained in the full version of the Interim Financial Report form 
part of these consolidated financial statements, a copy of which is available 
from the company's website:  www.baseresources.com.au . 
 
7. Consolidated Statement of Cash Flows 
 
                                                  6 months to     6 months to 
                                                  31 December     31 December 
                                                         2017            2016 
 
                                         Note          A$000s          A$000s 
 
 
Cash flows from operating activities 
 
Receipts from customers                               128,269          91,447 
 
Payments in the course of operations                 (54,760)        (46,340) 
 
Other                                                    (54)            (28) 
 
Net cash from operating activities                     73,455          45,079 
 
Cash flows from investing activities 
 
Purchase of property, plant and                      (21,733)         (2,849) 
equipment 
 
Other                                                     332           (135) 
 
Net cash used in investing activities                (21,401)         (2,984) 
 
Cash flows from financing activities 
 
Proceeds from borrowings                                9,608               - 
 
Repayment of borrowings                              (51,658)        (32,383) 
 
Transfers (to) / from restricted cash                 (6,014)           4,830 
 
Payment of debt service costs                         (9,489)        (11,205) 
 
Net cash used in financing activities                (57,553)        (38,758) 
 
Net (decrease) / increase in cash held                (5,499)           3,337 
 
Cash at beginning of period                            36,790          36,295 
 
Effect of exchange fluctuations on cash                 (767)             801 
held 
 
Cash at end of period                                  30,524          40,433 
 
The notes contained in the full version of the Interim Financial Report form 
part of these consolidated financial statements, a copy of which is available 
from the company's website:  www.baseresources.com.au . 
 
ENDS. 
 
CORPORATE PROFILE 
 
Directors 
Keith Spence (Non-Executive Chairman) 
Tim Carstens (Managing Director) 
Colin Bwye (Executive Director) 
Sam Willis (Non-Executive Director) 
Michael Stirzaker (Non-Executive Director) 
Malcolm Macpherson (Non-Executive Director) 
Diane Radley (Non-Executive Director) 
 
Company Secretary 
Chadwick Poletti 
 
NOMINATED ADVISOR & BROKERS 
RFC Ambrian Limited 
As Nominated Adviser: 
Andrew Thomson / Stephen Allen 
Phone: +61 (0)8 9480 2500 
As Joint Broker: 
Jonathan Williams 
Phone: +44 20 3440 6800 
 
Numis Securities Limited 
As Joint Broker: 
John Prior / James Black / Paul Gillam 
Phone:  +44 20 7260 1000 
 
SHARE REGISTRY:  ASX 
Computershare Investor Services Pty Limited 
Level 11, 172 St Georges Terrace 
PERTH WA 6000 
Enquiries: 1300 850 505 / +61 (3) 9415 4000 
www.computershare.com.au 
 
SHARE REGISTRY:  AIM 
Computershare Investor Services PLC 
The Pavilions 
Bridgwater Road 
BRISTOL BS99 6ZZ 
Enquiries: +44 (0) 870 702 0003 
www.computershare.co.uk 
 
AUSTRALIAN MEDIA RELATIONS 
Cannings Purple 
Annette Ellis / Andrew Rowell 
Email: aellis@canningspurple.com.au / 
arowell@canningspurple.com.au 
Phone: +61 (0)8 6314 6300 
 
UK MEDIA RELATIONS 
Tavistock Communications 
Jos Simson / Barnaby Hayward 
Phone: +44 (0) 207 920 3150 
 
KENYA MEDIA RELATIONS 
Africapractice (East Africa) 
Evelyn Njoroge / James Njuguna/Joan Kimani 
Phone: +254 (0)20 239 6899 
Email: jkimani@africapractice.com 
 
PRINCIPAL & REGISTERED OFFICE 
Level 1, 50 Kings Park Road 
West Perth, Western Australia, 6005 
Email:  info@baseresources.com.au 
Phone: +61 (0)8 9413 7400 
Fax: +61 (0)8 9322 8912 
 
 
 
END 
 

(END) Dow Jones Newswires

February 23, 2018 02:00 ET (07:00 GMT)