Base Resources Limited Quarterly Activities Report - December 2017

 
TIDMBSE 
 
AIM and Media Release 
 
11 January 2018 
 
BASE RESOURCES LIMITED 
Quarterly Activities Report - December 2017 
 
HIGHLIGHTS 
 
  * Record revenue per tonne sold of US$323, producing a revenue to cost ratio 
    of 2.9. 
  * Significant zircon price increases achieved, and further price increase 
    locked in for contracted March quarter sales. 
  * Net debt further reduced by US$21.0 million to US$65.6 million. 
  * Increase in FY2018 production guidance for ilmenite and zircon. 
  * No lost time injuries. 
  * Agreement reached for acquisition of the world-class Toliara Sands Project 
    in Madagascar. 
  * A$100 million capital raise to fund the initial US$75 million purchase 
    consideration for the Toliara Sands Project. 
  * Corporate revolving credit facility established to provide funding for 
    progression of the Toliara Sands Project pre?development activities 
 
"Figures" (graphics) referenced in this release have been omitted.  A full PDF 
version of this release, including all Figures, is available from the Company's 
website:  www.baseresources.com.au. 
 
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base 
Resources or the Company) is pleased to provide a quarterly corporate and 
operational update for its Kwale Mineral Sands Operations (Kwale Operations) in 
Kenya.  Corporately, the key development was the transformational acquisition 
of the Toliara Sands Project and associated capital raising. Operationally, the 
quarter was characterised by consistent production and continuing improvement 
in zircon markets, variable ilmenite prices and a positive outlook for rutile. 
The strong performance of Kwale Operations continues to result in significant 
cash flow generation, driving the rapid reduction in net debt and, in the 
future, providing substantial funding for development of the Toliara Sands 
Project. 
 
KWALE OPERATIONS 
 
PRODUCTION             Dec 2016      Mar 2017      June 2017     Sept 2017     Dec 2017 
& SALES                 Quarter       Quarter       Quarter       Quarter       Quarter 
 
Production (tonnes) 
 
Ilmenite                113,806       112,368       119,364       119,376       119,209 
 
Rutile                  22,870        23,107        22,762        22,789        22,798 
 
Zircon                   8,591         8,212         8,375         9,136         9,569 
 
Zircon low grade[1]      2,550         2,474         3,026         1,425           - 
 
Sales (tonnes) 
 
Ilmenite                97,047        122,783       142,405       106,260       119,554 
 
Rutile                  19,773        21,416        27,779        12,594        25,377 
 
Zircon                   9,432         8,069         8,540         9,283         8,144 
 
Zircon low grade[1]      3,397         3,059         3,045           -           3,287 
 
[Note 1: Zircon low grade tonnes contained in concentrate, equivalent to 
approximately 70-80% of the value of primary zircon.] 
 
Mined tonnage was down slightly at 2.9 million tonnes (Mt) (from 3.0Mt last 
quarter) being impacted by shutdowns to allow employees to vote during the 
recent Kenyan presidential elections, Kwale Phase 2 (KP2) project tie in work 
and a short period of abnormally heavy rainfall.  Ore grade fell to 7.6% Heavy 
Mineral (HM) (8.0% HM last quarter) as mining proceeds around the north-western 
fringes of the Central Dune orebody. 
 
Hydraulic mining unit (HMU) tonnes mined increased from 1.15Mt to 1.21Mt for 
the quarter, despite a move to a new mining block, which was interrupted and 
extended by abnormally heavy rainfall in November.  Dozer mining unit (DMU) 
tonnes mined were reduced from 1.87Mt to 1.67Mt. 
 
MINING & WCP PERFORMANCE   Dec 2016      Mar 2017      June 2017     Sept 2017     Dec 2017 
                            Quarter       Quarter       Quarter       Quarter       Quarter 
 
Ore mined (tonnes)         3,049,333     2,664,738     2,975,694     3,023,550     2,882,529 
 
HM %                         5.83          6.70          8.40          8.01          7.61 
 
HMC produced (tonnes)       152,259       159,379       232,574       238,580       196,725 
 
Wet concentrator plant (WCP) heavy mineral concentrate (HMC) production for the 
quarter fell from 239kt to 197kt whilst HMC stocks increased slightly from 
132kt to 138kt.  The reduction in HMC production was attributable to the lower 
mined ore tonnes and grade.  Current HMC inventory is more than sufficient to 
ensure uninterrupted Mineral Separation Plant (MSP) feed during the final 
implementation stage of the KP2 Project, where a one month shut of the WCP is 
scheduled in the March quarter to tie in plant modifications and equipment 
upgrades. 
 
The tailings storage facility (TSF) sand wall stacking, lining and slimes 
deposition continued according to plan, with the final wall lift progressing 
well.  Once this lift is complete, sand stacking will move to the mined-out 
area of the Central Dune representing the start of rehabilitation in this 
section.  Rehabilitation of the TSF outer wall continued during the quarter. 
 
Good rainfall of 427mm was received during the quarter, resulting in the 
Mukurumudzi Dam being at 97% of capacity by the end of December.  Total 
rainfall for the 2017 year was 1,350mm or 98% of average. 
 
MSP PERFORMANCE            Dec 2016      Mar 2017      June 2017     Sept 2017     Dec 2017 
                            Quarter       Quarter       Quarter       Quarter       Quarter 
 
MSP Feed (tonnes of HMC)    191,576       186,814       192,432       190,499       190,798 
 
MSP feed rate (tph)           91            91            92            91            91 
 
MSP recovery % 
 
Ilmenite                      99            101           101           100           100 
 
Rutile                        98            99            98            100           100 
 
Zircon                        73            74            73            75            77 
 
The MSP availability remained steady at 95% with a total of 190.8kt of HMC 
processed (190.5kt last quarter). 
 
Rutile production and recoveries were consistent with the prior quarter at 
22.8kt and 100%[2] respectively. 
 
Ilmenite recoveries were steady at 100% and production was marginally down to 
119.2kt (119.4kt last quarter) due to slightly lower contained ilmenite in the 
feed. 
 
Zircon production increased to 9.6kt (9.1kt last quarter) due to recoveries 
increasing to 77% (75% last quarter) with the benefit of process optimisation 
and circuit changes carried out during the September quarter. 
 
Due to depletion of the zircon tails feed stockpile during the September 
quarter, no further zircon low grade will be produced in FY2018.  Zircon tails 
are currently being stockpiled, albeit at a much lower rate and quality due to 
ongoing recovery improvements in the primary zircon circuit.  The resumption of 
zircon low grade production will be subject to building a zircon tails 
stockpile of sufficient size and grade to allow economic processing. 
 
Bulk loading operations at Base Resources' Likoni Port facility continued to 
run smoothly, dispatching more than 142kt of ilmenite and rutile during the 
quarter (116kt last quarter).  Containerised shipments of rutile and zircon 
through the Mombasa Port proceeded according to plan. 
 
[Note 2: 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.] 
 
SUMMARY OF UNIT COSTS               Dec 2016    Mar 2017    June 2017   Sept 2017   Dec 2017 
& REVENUE PER TONNE (US$)            Quarter     Quarter     Quarter     Quarter     Quarter 
 
Unit operating costs per tonne         $84         $87         $96         $90         $92 
produced 
 
Unit cost of goods sold per tonne     $106        $111        $103        $102        $113 
sold 
 
Unit revenue per tonne of product     $250        $258        $297        $271        $323 
sold 
 
Revenue:Cost of goods sold ratio       2.4         2.3         2.9         2.7         2.9 
 
Total operating costs were in line with last quarter but, due to the absence of 
low grade zircon production, overall production volumes were marginally lower, 
resulting in a slightly higher unit operating cost of US$92 per tonne produced 
(rutile, ilmenite, zircon and zircon low grade) (US$90 per tonne last 
quarter).  Cost of goods sold of US$113 per tonne sold (operating costs, 
adjusted for stockpile movements, and royalties) were higher than last quarter 
due to product sales mix and the associated cost allocation. 
 
Revenue per tonne of product sold varies significantly each quarter, with the 
number of bulk rutile sales during that quarter being the primary factor.  In a 
normal year, there are usually seven or eight bulk rutile sales of 
approximately 10kt each, which means any given quarter will typically contain 
either one or two of these sales.  As annual rutile sales account for 
approximately 40% of revenue but only 15% of volume, the number of bulk rutile 
sales in a quarter has a significant bearing on revenue, but not sales volume. 
The December quarter had two bulk rutile sales taking total rutile sales to 
25.4kt, higher than the prior quarter's 12.6kt total rutile sales due to 
shipment timing.  When combined with the higher zircon prices achieved in the 
quarter, the average revenue per tonne increased to a record US$323 per tonne 
(US$271 last quarter). 
 
KWALE PHASE 2 MINE OPTIMISATION PROJECT 
 
To counter declining ore grades expected from mid-2018 onwards, and to fully 
exploit the increase in MSP capacity now available, the Board approved, in May 
2017, the implementation of the KP2 Project (refer to the announcement on 23rd 
May 2017[3]). 
 
The KP2 Project aims to maximise HMC feed to the MSP, and therefore maintain 
final production volumes at around current levels for the remaining life of 
mine, by increasing mining rates as ore grade declines.  This will be achieved 

through increasing the hydraulic mining capacity to three 800tph HMUs, while 
gradually phasing out the existing DMU.  The combined mining rate will 
therefore increase to 2,400tph, representing an uplift of 60% compared to the 
1,500tph achieved in the current quarter.  The WCP and water supply 
infrastructure are being upgraded in parallel to accommodate the higher mining 
rates. 
 
Construction is on track for completion in the June quarter of 2018 and on 
budget, with expenditure to date of US$15.8 million (against a budget of 
US$25.3 million), including US$9.1 million this quarter.   The implementation 
schedule will see the second and third 800tph HMUs commissioned in the June 
quarter of 2018.  The three HMUs will ramp up to full capacity through the 
course of 2018, with the DMU gradually being phased out over the same period. 
 
Engineering and design work for the transition of mining from the Central Dune 
to the South Dune will commence in mid-2018, with construction completion 
scheduled for the second half of 2019. 
 
[Note 3: Refer to Base Resources' market announcement "Board approves Kwale 
Phase 2 mine optimisation project to deliver enhanced economics" released on 
23rd May 2017, which is available at http://www.baseresources.com.au/ 
investor-centre/asx-releases.] 
 
FY2018 PRODUCTION GUIDANCE                           Previous FY2018       New FY2018 
                                                      Guidance Range     Guidance Range 
 
Rutile (tonnes)                                      88,000 to 94,000       no change 
 
Ilmenite (tonnes)                                   420,000 to 450,000 450,000 to 480,000 
 
Zircon (tonnes)                                      33,000 to 38,000   35,000 to 40,000 
 
Zircon contained in zircon low grade (tonnes)         1,500 to 2,500        1,425[4] 
 
[Note 4: No further production of zircon low grade is anticipated for FY2018.] 
 
Ilmenite guidance has increased due to the higher contained ilmenite in the ore 
associated with mining around the north-western fringes of the Central Dune, 
which will continue for the remainder of FY2018.  This part of the orebody has 
lower drilling and sample density due to steep slopes and heavy vegetation 
resulting in restricted access during exploration drilling. 
 
The above production guidance is based on the following assumptions for FY2018: 
 
  * Mining of 10.9Mt (previously 10.6Mt) at an average HM grade of 7.28% 
    (previously 7.50%), with mining for the remainder of FY2018 all from Ore 
    Reserves[5]. 
  * MSP feed rate at an average of 91tph, consistent with recent performance. 
  * MSP product recoveries of 100% for ilmenite and 100% for rutile (previously 
    99%), and 77% for zircon, consistent with recent performance. 
 
[Note 5: The Ore Reserves estimates underpinning the above production targets 
were prepared by Competent Persons in accordance with the JORC Code (2012 
edition).  The above production targets are the result of detailed studies 
based on the actual performance of the Kwale mine and processing plant.  These 
studies include the assessment of mining, metallurgical, ore processing, 
environmental and economic factors.] 
 
MARKETING 
 
The global TiO2 pigment industry remained buoyant through the December 
quarter.  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 September quarter and the early part of the December quarter. 
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. 
 
After experiencing price increases for ilmenite sales to Chinese customers in 
the early part of the quarter, the restricted pigment production and seasonal 
slowdown has seen prices soften towards the end of the quarter.  Chinese 
domestic ilmenite production has gradually increased through the quarter 
following a sharp decrease in July and August on the back of central government 
environmental inspections.  This has been offset by decreasing ilmenite supply 
into China from Vietnam over the past two quarters as export quotas from the 
Vietnamese government were exhausted. 
 
The combination of increased Chinese production, a possible increase in 
Vietnamese ilmenite supply (as export quotas resume and the restart of mining, 
if economically viable) and the seasonally weak demand is expected to restrain 
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 during the June quarter. 
 
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 significant price gains when offtake contracts are renewed in 
2018 for bulk rutile and chloride slag sales to large mainstream customers. 
 
Zircon demand remained firm through the quarter with enquiries and volumes 
requested from customers continuing to exceed the Company's capacity to 
supply.  Lower than anticipated global zircon supply throughout calendar year 
2017, and indications of ongoing tight supply through 2018, have supported 
continuing significant zircon price increases.  Base Resources has again 
secured significant price gains on zircon contracts for the March quarter. 
While potential exists for further price growth during the coming quarters, 
emerging concerns from zircon producers over the potential for substitution or 
thrifting of zircon may begin to restrain the extent and/or frequency of any 
such increases. 
 
SAFETY 
 
With no serious injuries occurring during the quarter, Kwale Operations' lost 
time injury frequency rate (LTIFR) remains at zero.  Base Resources' employees 
and contractors have now worked 11.0 million man-hours LTI free, with the last 
LTI recorded in the March quarter of 2014.  With only one minor injury 
occurring in the past 12 months, the total recordable injury frequency rate ( 
TRIFR) has fallen to 0.3 per 1 million man-hours worked. 
 
COMMUNITY AND ENVIRONMENT 
 
Agricultural livelihood programs, run in conjunction with partners Business for 
Development, DEG, FMO, Australia's DFAT and Kenya Red Cross, continue to 
develop with encouraging support from both national and county Kenyan 
governments.  These programs, covering cotton, potato, sorghum, bee keeping and 
poultry, now involve around 900 smallholder farmers and community groups, with 
the ultimate aim being to establish new agricultural opportunities that will 
provide economic growth well beyond the life of mining activities. 
 
Farmer incomes have benefited from the recent sorghum harvest and commercial 
sale.  Product quality tests run by a large local brewing company proved the 
grain was ideal for their purposes and, through the farmers' cooperative, the 
brewery purchased the entire crop.  The next planting season is already 
underway with an expanded number of farmers participating. 
 
Farmers involved in cotton growing in 2017 are harvesting their crop and 
ginning has commenced.  The lint will be exported to Bangladesh for further 
processing into garments for multinational clothing retailer, Cotton On.  A 
number of products made exclusively from 100% Kenyan cotton will be on sale 
within the next quarter. 
 
Following completion of rehabilitation trials, a preferred methodology has been 
selected and is being rolled out on the TSF walls with encouraging results. 
Areas planted earlier in April 2017 are now covered in waist high vegetation, 
providing for successful stabilisation of TSF slopes and developing improved 
soil nutrient loads.  Irrigation has been installed to ensure sustainability as 
the dry season approaches.  Local women's groups have continued to provide 
materials and labour, injecting significant incomes into villages surrounding 
the mine site. 
 
BUSINESS DEVELOPMENT 
 
TOLIARA SANDS PROJECT ACQUISITION 
 
On 19 December 2017[6], Base Resources announced that it reached agreement with 
World Titane Holdings Ltd (World Titane) whereby Base Resources will acquire an 
initial 85% interest in the wholly owned Mauritian subsidiaries of 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 million 
payable on achievement of key milestones, as the project advances to mine 
development. 
 
The Toliara Sands Project is considered by Base Resources to be one of the best 
mineral sands development projects in the world.  It is underpinned by the 
Ranobe deposit which has a JORC 2012 Mineral Resource of 857Mt at 6.2% heavy 
mineral, including 612Mt at 6.7% heavy mineral in the Measured and Indicated 
Categories.[7] 
 
Building on the work completed to date, Base Resources' development plan is to 
complete a full study phase ahead of a decision to proceed to construction in 
the second half of calendar 2019.  This timetable could be expected to see the 
Toliara Sands Project in production in mid-2021. 
 
The acquisition is to be funded by the A$100 million share offer currently 
underway, refer below for further details. 
 
Completion of the acquisition is expected to occur in late January 2018. 
 
[Note: 6: Refer to Base Resources' market announcement "Transformational 
Acquisition of the Toliara Sands Project and A$100 million share offer" 
released on 19 December 2017, which is available at http:// 
www.baseresources.com.au/investor-centre/asx-releases.  Note 7: Refer to Base 
Resources' market announcement "Investor Presentation - Acquisition and 
Entitlement Offer" released on 19 December 2017, which is available at http:// 

www.baseresources.com.au/investor-centre/asx-releases, which contains the JORC 
competent persons statement for this estimate of Mineral Resource.  The Company 
confirms that it is not aware of any new information or data that materially 
affects the information included in that announcement and that all material 
assumptions and technical parameters underpinning the Mineral Resource 
estimates in that announcement continue to apply and have not materially 
changed.] 
 
EXTENSIONAL EXPLORATION - KENYA 
 
As announced on 4th October 2017[8], an updated Mineral Resource estimate for 
the Kwale South Dune (the 2017 Kwale South Dune Mineral Resource) has been 
completed, resulting in a 19% increase in contained in situ HM in the Measured 
and Indicated categories.  An updated Ore Reserve based on the expanded South 
Dune Resource will be completed in 2018. 
 
The next phase of extensional exploration drilling at Kwale Operations is 
anticipated to commence in the June quarter in the North-East Sector, adjacent 
to the Kwale Central Dune. 
 
[Note 8: Refer to Base Resources market announcement "Mineral Resource Increase 
for Kwale South Dune" released on 4 October 2017, which is available at http:// 
www.baseresources.com.au/investor-centre/asx-releases, which contains the JORC 
competent persons statement for this estimate of Mineral Resource.  The Company 
confirms that it is not aware of any new information or data that materially 
affects the information included in this ASX announcement and that all material 
assumptions and technical parameters underpinning the Mineral Resource 
estimates in this announcement continue to apply and have not materially 
changed.] 
 
EXPLORATION - TANZANIA 
 
The Company holds five prospecting licences in northern Tanzania with a 
combined area of 475km2.  A preliminary drilling program across all five 
licences is scheduled to commence in late-January 2018. 
 
Total exploration expenditure for the quarter, across all licences in Kenya and 
Tanzania, was US$20,000. 
 
CORPORATE 
 
A$100 MILLION SHARE OFFER TO FUND ACQUISITION OF TOLIARA SANDS PROJECT 
 
On 19 December 2017[6], Base Resources launched a partially underwritten 
combined share placement to institutional investors and a 1 for 3 accelerated 
pro rata renounceable entitlements offer (Offer) at a price of A$0.255 per 
share. 
 
The Offer comprised the following: 
 
  * a placement of approximately 143.1 million fully paid ordinary shares to 
    raise approximately A$36.5 million (Placement); and 
  * an accelerated pro rata renounceable entitlements offer of approximately 
    249.1 million fully paid ordinary share to raise approximately 
    A$63.5 million (Entitlement Offer). 
 
The Entitlement Offer comprises two components: 
 
  * an accelerated entitlement offer to existing eligible institutional 
    shareholders of Base Resources (Institutional Entitlement Offer); and 
  * an entitlement offer to existing eligible retail shareholders of Base 
    Resources (Retail Entitlement Offer), which includes the ability for 
    eligible retail shareholders to trade their retail entitlements on market 
    on ASX. 
 
The Placement and Institutional Entitlement Offer were successfully completed 
on 5 January 2018, raising gross proceeds of approximately A$89.3 million from 
the issue of 350,074,625 new fully paid new shares.  The Company's top five 
shareholders as at 10 January 2018 were: 
 
TOP 5 SHAREHOLDERS                                    Interest Held 
 
Pacific Road Capital                                      22.1% 
 
Sustainable Capital                                       15.4% 
 
Regal Funds Management                                    11.3% 
 
M&G Investment Management                                  6.3% 
 
Bank of America Corporation                                5.4% 
 
The Retail Entitlement Offer opened on Thursday, 28 December 2017 and is 
scheduled to close on 17 January 2018. 
 
The funds raised from the Offer will be used to fund the US$75 million initial 
consideration for the acquisition of the Toliara Sands Project. 
 
CORPORATE REVOVLVING CREDIT FACILITY ESTABLISHED 
 
During the quarter, a US$25 million revolving credit facility (RCF) was 
established to provide Base Resources with additional funding flexibility. 
Both Base Resources and Base Titanium Limited (owner of Kwale Operations) are 
eligible borrowers under the RCF and the RCF benefits from the same security 
package as the Kwale Project Debt Facility. 
 
The RCF has the following key terms: 
 
  * Interest of LIBOR (USD) plus applicable margin of 5.50% on the drawn 
    balance. 
  * Commitment fee of 2% on any undrawn balance. 
  * Funds available will reduce to US$15 million six months prior to loan 
    maturity (30 June 2020). 
  * No mandatory repayments prior to loan maturity, other than reducing any 
    outstanding balance to US$15 million six months prior to loan maturity. 
  * Option to extend the facility by a further US$5 million to US$30 million, 
    subject to the consent of all Kwale Project Debt Facility lenders. 
  * Upfront fee of 1.50% plus loan establishment costs. 
 
On 15 December 2017, as required by the terms of the RCF, Base Resources 
utilised US$7.4 million of RCF available funds to repay Kwale Project Debt 
Facility lenders their portion of the July 2017 cash sweep provided to Base 
Resources and used to retire the Taurus Debt Facility in 2017. 
 
KENYAN VAT RECEIVABLE 
 
As previously announced, Base Resources has refund claims for VAT paid in 
Kenya, relating to both the construction of the Kwale Project and the period 
since operations commenced, totaling approximately US$18.4 million at 31 
December 2017.  These claims are proceeding through the Kenya Revenue Authority 
process, with refunds of US$4.4 million received during the quarter (none last 
quarter).  Base Resources is continuing to engage with the Kenyan Treasury and 
the Kenya Revenue Authority, seeking to expedite the remainder of the refunds. 
 
In summary, at 31 December 2017: 
 
  * Net debt of US$65.6 million, consisting of: 
      + Cash and cash equivalents were US$23.8 million (unrestricted) and an 
        additional US$30.9 million (restricted - debt service reserve account). 
      + Debt of US$120.3 million (Kwale Project Debt Facility US$112.8 million 
        and Corporate RCF US$7.5 million). 
  * 747,193,939 shares on issue (1,097,268,564 shares on issue at 10 January 
    2018). 
  * 61,425,061 options (exercise price of A$0.40, expiring 31 December 2018). 
  * 71,281,661 performance rights issued pursuant to the terms of the Base 
    Resources Long Term Incentive Plan. 
 
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) 
 
Company Secretary 
Chadwick Poletti 
 
NOMINATED ADVISOR & BROKERS 
RFC Ambrian Limited 
As Nominated Adviser: 
Andrew Thomson / Stephen Allen 
Phone: [phone] 
As Joint Broker: 
Jonathan Williams 
Phone: [phone] 
 
Numis Securities Limited 
As Joint Broker: 
John Prior / James Black / Paul Gillam 
Phone:  [phone] 
 
SHARE REGISTRY:  ASX 
Computershare Investor Services Pty Limited 
Level 11, 172 St Georges Terrace 
PERTH WA 6000 
Enquiries: 1300 850 505 / [phone] 
www.computershare.com.au 
 
SHARE REGISTRY:  AIM 
Computershare Investor Services PLC 
The Pavilions 
Bridgwater Road 
BRISTOL BS99 6ZZ 
Enquiries: [phone] 
www.computershare.co.uk 
 
AUSTRALIAN MEDIA RELATIONS 
Cannings Purple 
Andrew Rowell 
[e-mail] 
Phone: [phone] 
 
UK MEDIA RELATIONS 
Tavistock Communications 
Jos Simson / Barnaby Hayward 
Phone: [phone] 
 
KENYA MEDIA RELATIONS 
Africapractice (East Africa) 
Evelyn Njoroge / Joan Kimani 
Phone: [phone] 
Email: [e-mail] 
 
PRINCIPAL & REGISTERED OFFICE 
Level 1, 50 Kings Park Road 
West Perth, Western Australia, 6005 
Email:  [e-mail] 
Phone: [phone] 
Fax: [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

January 11, 2018 02:00 ET (07:00 GMT)