Base Resources Limited
(ASX:BSE) says its Kwale Mineral Sands project in east Africa will not be subject to new nationalist laws to obtain part ownership in the project.
The mineral sands miner says the attorney general of Kenya has confirmed it will not be subject to a 35 per cent local equity participation on the basis that its licence was issued prior to the laws being introduced.
Base Resources saw its share price jump more than 30 per cent last week, following its announcement.
The Kwale project is expected to be in production in the second half of this year.
Base Resources posted a net profit $331,000 in the 2012 financial year.
