Kwale Base Titanium records 6 Billion profit with 2,000 global university scholarships issued

Base titanium workers in Kwale. PHOTO | NMG

Kwale Base titanium makes a gross of 6Billion in 2018/2019 financial year. It comes after value increase of base resources and mines to 26.1 percent from 18.9 percent.

Australian mining firm Base Resources also recorded a 26.1 percent jump in the value of titanium exports from its Kwale mine to Sh7 billion in the quarter ended June, helped by higher prices of the commodity in the international markets.

Sales in the same period last year stood at Sh5.5 billion, with the higher selling prices more than compensating for reduced production and shipments.

The improved sales will result in higher earnings for the government which is paid royalties at the rate of 2.5 percent 

"As expected, constraints on the global supply of sulphate ilmenite and high-grade chloride feedstocks (including rutile) have continued to have an impact on the market and supported further positive price momentum,” the multinational said in a trading update.

“Demand for Base Resources ilmenite from existing customers remains greater than the company’s ability to supply and inquiries are regularly being received from potential new customers globally.”

The company says it boasts over a big number of students taken to school over the period the company set foot in Kwale.

Twenty thousand people have been assisted through Base scholarships. 5000 currently in Universities globally, 8,000 are secondary school students and 7000 from Vocational and other middle colleges. 2018/2019 Financial year only 2,000 were awarded university and middle-college scholarships.