Mineral-sands play Base Resources (ASX: BSE) has received a buy recommendation and a $1 share price target price from UK broker RFC Ambrian. Highlighting the potential upside, Base last traded at $0.41.
The company is focused on the Kwale Mineral Sands Project in Kenya, East Africa.
Recently Base commenced ore processing through the mining unit and wet concentrator at the project, where all supporting infrastructure has been completed and operational including - water supply dam, tailings storage facility, power line and ancillary borefield.
During the September quarter 2013 Base secured three new, three-year, take or pay off-take agreements, which were signed with leading Chinese off-takers.
Importantly this secures a large portion of the previously un-contracted sales volumes for ilmenite and zircon.
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