We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bushveld Minerals Limited | LSE:BMN | London | Ordinary Share | GG00B4TM3943 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.025 | -3.85% | 0.625 | 0.60 | 0.65 | 0.65 | 0.625 | 0.65 | 4,830,561 | 10:16:02 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Minrls,earths-ground,treated | 151.18M | -38.97M | -0.0166 | -0.37 | 14.53M |
From Apr 2019 to Apr 2024
TIDMBMN
RNS Number : 4697O
Bushveld Minerals Limited
30 January 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
30 January 2019
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Bushveld Vanadium Q4 Operational Update
Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets, is pleased to provide an operational update for the three months to end-December 2018 ("Q4 2018"), in respect of its Vanadium platform which consists of Bushveld Vametco Limited ("Vametco"), the Brits Vanadium Project ("Brits") and the Mokopane Project ("Mokopane").
Key Highlights
-- Vametco's sales revenue and EBITDA for the 2018 financial year increased by 142.7% and 349.2% respectively to US$192.2 million (2017: US$79.2 million) and US$107.5 million (2017: US$23.9 million), underpinned by higher vanadium prices.
-- Ferrovanadium price averaged US$81.2/KgV in 2018, an increase of 148.9% relative to the previous year.
Ø Vametco' s realised price is based on the prior month's average price.
Ø Ferrovanadium price has averaged US$76/KgV, year to date(1) .
-- Vametco's production for the 2018 financial year was 2,560 mtV (2017: 2,649 mtV) in the form of Nitrovan(TM) from magnetite concentrate, compared to previously announced guidance range of 2,600 to 2,650 mtV. Production was impacted by an unplanned maintenance and repairs programme in Q4 at the refractory and cooler girth sections of the plant.
-- Vametco's production for Q4 2018 was 657 mtV in the form of Nitrovan(TM) from magnetite concentrate (Q4 2017: 539 mtV), an increase of approximately 22.4% relative to Q3 2018 (Q3 2018: 537 mtV), following the unprotected industrial action from the previous quarter.
-- In October 2018 the Company, with the assistance of an independent external consultant, initiated a detailed diagnostic review of the Vametco plant performance. Following the completion of the review in December 2018, the Company commenced an operational Transformation Programme to enhance Vametco's performance.
-- The Company has commenced the implementation of the Transformation Programme and expects production levels in the current year to be higher than 2018. Guidance for 2019 will be provided in the Q1 2019 operational update once all aspects of this programme have been scheduled.
-- The Company has completed 13 (VM001 - VM013) exploration drillholes, as part of an initiative to increase geological confidence and grade control of the ore mined at Vametco. The results provide evidence of additional resources and reserves at Vametco mine with an updated Mineral Resource Estimate due to be published in Q1 2019.
-- The Company has received all assay results for Phase 1 of its exploration programme at the neighbouring Brits Project, which has to date been above/in line with management's expectations. Results of the Phase 2 drillholes are expected to be received in Q1 2019 with a maiden Mineral Resource Estimate in Q2 2019.
1. Year to date average as at 23 January 2018.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"The strong vanadium market ensured that Vametco generated healthy cash flows, even while its operational performance fell below expectations. We are benefiting from the high vanadium prices, nevertheless, we are mindful of the imperative to drive Vametco towards operational excellence and realise its true potential. The transformation programme we have initiated at Vametco is designed to do just that and we are confident to see an improved production performance during 2019.
"The deposit hosts exciting potential and our drilling programmes at Vametco and Brits have been carefully designed to ensure that we extract the wealth of the minerals in our portfolio and extract them in the most cost efficient, sustainable way.
"At the Brits deposit, the recent exploration results continue to prove the deposit as a future source of additional production tonnages.
"As it is an election year for South Africa, we expect continued stability and positive sentiment to allow us to focus on our operations and make long term investment decisions for the benefit of all our stakeholders, including employees, local communities and shareholders."
Bushveld Vametco Limited
Production
-- Vametco sales revenue and EBITDA for the 2018 financial year increased by 142.7% and 349.2% respectively to US$192.2 million (2017: US$79.2 million) and US$107.5 million (2017: US$23.9 million), underpinned by higher vanadium prices.
-- Vametco's production for the 2018 financial year was 2,560 mtV (2017: 2,649 mtV) in the form of Nitrovan(TM) from magnetite concentrate, compared to previously announced guidance range of 2,600 to 2,650 mtV. Production was impacted by an unplanned maintenance and repairs programme in Q4 at the refractory and cooler girth sections of the plant.
Ø Vametco' s production for Q4 2018 was 657 mtV in the form of Nitrovan(TM) from magnetite concentrate (Q4 2017: 539 mtV), an increase of approximately 22.4% relative to Q3 2018 (Q3 2018: 537 mtV), following the unprotected industrial action from the previous quarter.
-- Vametco's production cost for the 2018 financial year was ZAR260.6/KgV (US$19.7/KgV), 3% higher than guidance, as a result of lower volumes due to an unplanned maintenance and repairs programme in Q4.
Table 1: Operational highlights for Vametco (on a 100% basis)(1)
Hot Features
Premium
Description Q4 CY18 Q4 CY18 12 mth
Unit Q4 CY18 12 mth vs vs CY18
CY18 Q3CY18 Q4 CY17 vs
12 mth
CY17
Vanadium (Nitrovan(TM)
plus FeV) produced mtV(3) 657 2,560 +22.4% +21.9% -3.4%
Vanadium sold mtV(3) 586 2,573 +0.4% -7.8% -5.4%
--------- ---------- --------- -------- --------- --------
Average MB vanadium
price(2) US$/KgV 108.0 81.2 +25.8% +176.0% +148.9%
--------- ---------- --------- -------- --------- --------
USD/ZAR average
exchange rate(4) US$:ZAR 14.3 13.2 +1.5% +4.6% -0.3%
--------- ---------- --------- -------- --------- --------
Revenue ZAR'm 858.8 2,545.4 +34.9% +178.9% 141.9%
--------- ---------- --------- -------- --------- --------
EBITDA ZAR'm 565.3 1,423.1 +67.9% +339.6% 347.8%
--------- ---------- --------- -------- --------- --------
Underlying production
costs(5) ZAR/kgV 256.3 260.6 -14.5% +5.6% +18.5%
--------- ---------- --------- -------- --------- --------
Revenue US$'m 60.2 192.2 32.9% 166.5% 142.7%
--------- ---------- --------- -------- --------- --------
EBITDA US$'m 39.6 107.5 65.4% 320.2% 349.2%
--------- ---------- --------- -------- --------- --------
Underlying production
costs(5) US$/kgV 18.0 19.7 15.7% 0.9% 18.9%
--------- ---------- --------- -------- --------- --------
1. Based on provisional, unaudited estimates. Bushveld's net attributable interest of the above production and financials was 59.1% as at 12 September 2018 and approximately 74% from 13 September 2018 through a series of transactions.
2. The vanadium price is based on the FeV mid average price for the period, published by Metal Bulletin. Vametco realised price is based on the prior month's average price.
3. mtV = metric tonnes of vanadium. 4. Source: Bloomberg. The achieved USD/ZAR average exchange rate may vary.
5. Excludes depreciation, royalties, selling, general, & administrative expenses and impact from production stoppages.
Vametco Diagnostic Review
-- Vametco's 2018 production of 2,560mtV was impacted by a total of 37.5 days stoppages and unexpected operational challenges. An estimated 230 mtV of production was lost due to these unforeseen events. The total potential production for the year would therefore have been approximately 2,800 mtV. Following the operational challenges experienced during the ramp up of Phase 2, Bushveld Minerals, with the assistance of an external consultant, commenced in October 2018 a detailed diagnostic review of the Vametco plant performance which was completed in December 2018. The primary findings of the diagnostic assessment are summarised below.
Phase 2 of the multi-phase project
Ø Phase 2 of the multi-phase project was completed in June 2018 increasing production capacity to 3,750 mtV. During the commissioning phase, production of the new milling circuit was unable to ramp up to the nameplate capacity. Concurrently, there was a reduction in the run-of-mine ore vanadium grades. These events lead to a reduced concentrate production, lower recoveries and plant instability, resulting in the plant not meeting its capacity target.
Ø The diagnostic review highlighted that no additional capital expenditure is required to achieve a sustainable production of c.3,400 mtV, which represents 90 per cent of the name plate capacity. In order to achieve the production target management will be primarily focused on, among others:
-- Increasing vanadium grade in crushed ore through improved mine scheduling which will result in an increased exposure to ore of higher vanadium content and magnetite;
-- Increasing vanadium grade in kiln feed through improved silica liberation;
-- Increasing kiln availability through improved engineering practices and production throughput; and
-- Sustainably increasing the kiln feed rate.
Phase 3 of the multi-phase project
Ø The diagnostic assessment highlighted that additional targeted investment is required for the kiln, the leach and crushing circuits to reach Phase 3 capacity. The Company continues to explore several improvement initiatives to further increase production capacity to 5,000 mtV.
-- During 2019 Vametco will continue to progress environmental approvals for Phase 3 of the multi-phased expansion project. In addition, detailed design work and capital estimation will commence with a view to construction commencing in 2020.
Stakeholder management
Ø The Company continues to build on the ongoing, cooperative relationship with all stakeholders, particularly our workforce and local communities. An employee share participation scheme will be implemented at Vametco in Q1 2019 which will more closely align Vametco's workforce to its operational targets.
-- Following the completion of the diagnostic review in December 2018, the Company initiated an operational Transformation Programme to enhance Vametco's performance. The Company has commenced the implementation of the Transformation Programme and expects production levels in the current year to be higher than 2018. Guidance for 2019 will be provided in the Q1 2019 operational update once all aspects of this programme have been scheduled. Nevertheless, the Company is confident that with the implementation of the operational Transformation Programme Vametco will be able to achieve its future production targets and efficiencies while being one of the lowest-cost vanadium producers.
Other projects underway
-- Tailings facility expansion: to maintain deposition capacity for depositing the calcines (which need to be deposited on a H:H liner) as part of ongoing operations will be completed during Q1 2019 and deposition will commence during this period.
-- Kiln off-gas project: has been initiated to comply with regulatory requirements and further increase kiln feed throughput. Commissioning planned for end of Q1 2019.
Exploration at Vametco Mine
The Company has received all assay results for the boreholes submitted for analysis at an external laboratory at the end of December 2018. The table below summarises the results of the analyses. The summary shows the weighted averages of V(2) O(5) % in magnetite in the three orebodies mined at Vametco Mine. The three orebodies are the Lower Seam (LS), Intermediate Seam (IS) and the Upper Seam (US). These assay results provide evidence of the presence of additional resources and reserves at Vametco Mine, and an updated Mineral Resource Estimate based on these assay results followed by a Mine Works Programme are expected at the end of Q1 2019.
Table 2: Assay results (as weighted averages) and intersections for Vametco Mine Drilling
Drillhole Ore Seam Intersection Interval (m) Thickness (m) Magnetite % V(2) O(5) % (in magnetite)
VM001 US 12.00 - 13.44 1.44 60.74 1.98
---------- --------------------------- -------------- ------------ ---------------------------
LS 36.00 - 60.22 24.22 33.17 2.02
---------- --------------------------------------- -------------- ------------ ---------------------------
VM002 US 23.00 - 26.30 3.30 48.38 1.55
---------- --------------------------- -------------- ------------ ---------------------------
LS 60.00 -93.72 28.72 30.15 2.02
---------- --------------------------------------- -------------- ------------ ---------------------------
VM004 US 30.00 - 32.82 2.82 66.70 1.49
---------- --------------------------- -------------- ------------ ---------------------------
IS 53.11 - 64.00 10.89 30.63 2.02
---------- --------------------------------------- -------------- ------------ ---------------------------
LS 76.80 - 115.62 38.82 28.03 1.93
---------- --------------------------------------- -------------- ------------ ---------------------------
VM005 US 19.43 - 21.42 1.99 90.35 1.75
---------- --------------------------- -------------- ------------ ---------------------------
IS 47.96 - 69.40 21.44 30.72 1.81
---------- --------------------------------------- -------------- ------------ ---------------------------
LS 91.32 - 122.52 31.20 36.09 2.05
---------- --------------------------------------- -------------- ------------ ---------------------------
VM006 US 15.25 - 17.80 2.55 56.14 1.79
---------- --------------------------- -------------- ------------ ---------------------------
IS 48.28 -85.00 36.72 32.38 1.80
---------- --------------------------------------- -------------- ------------ ---------------------------
LS 115.00 - 156.71 41.71 32.01 2.00
---------- --------------------------------------- -------------- ------------ ---------------------------
VM007 IS 20.00 - 31.70 11.70 35.58 1.56
---------- --------------------------- -------------- ------------ ---------------------------
LS 39.00 - 69.57 30.57 35.81 1.60
---------- --------------------------------------- -------------- ------------ ---------------------------
VM008 US 42.00 - 45.50 3.50 69.95 1.89
---------- --------------------------- -------------- ------------ ---------------------------
IS 72.71 - 73.71 1.00 23.09 1.75
---------- --------------------------------------- -------------- ------------ ---------------------------
LS 92.00 - 113.90 2.,90 41.45 2.17
---------- --------------------------------------- -------------- ------------ ---------------------------
VM009 US 28.00 - 31.32 3.32 75.44 1.77
---------- --------------------------- -------------- ------------ ---------------------------
IS 68.00 - 79.00 11.00 38.44 1.94
---------- --------------------------------------- -------------- ------------ ---------------------------
LS 94.00 - 130.43 36.43 30.88 2.08
---------- --------------------------------------- -------------- ------------ ---------------------------
VM010 US 18.40 - 19.50 1.10 16.73 1.87
---------- --------------------------- -------------- ------------ ---------------------------
IS 63.00 - 84.46 21.46 31.85 1.70
---------- --------------------------------------- -------------- ------------ ---------------------------
LS 111.80 - 143.92 32.12 35.26 2.00
---------- --------------------------------------- -------------- ------------ ---------------------------
VM011 US 24.56 - 29.00 4.44 63.11 1.79
---------- --------------------------- -------------- ------------ ---------------------------
IS 55.57 - 58.35 2.78 33.71 2.02
---------- --------------------------------------- -------------- ------------ ---------------------------
LS 68.18 - 97.31 29.13 34.70 2.07
---------- --------------------------------------- -------------- ------------ ---------------------------
VM012 US 42.36 - 44.26 1.90 90.19 1.81
---------- --------------------------- -------------- ------------ ---------------------------
LS 65.68 - 106.46 40.78 34.47 2.09
---------- --------------------------------------- -------------- ------------ ---------------------------
VM013* US 10.85 - 13.86 3.01 69.40 1.76
---------- --------------------------- -------------- ------------ ---------------------------
IS 36.33 - 49.38 13.05 40.26 1.97
---------- --------------------------------------- -------------- ------------ ---------------------------
LS 71.54 - 104.24 32.70 32.58 2.04
---------- --------------------------------------- -------------- ------------ ---------------------------
*Drill hole VM013 was drilled to replace VM003 which was not assayed
1. Note that depths are intersected depths and do not represent true thicknesses
2. LS = Lower Seam, IS = Intermediate Seam, US = Upper Seam
Brits Vanadium Project
The assay results for the second phase of exploration drilling at the Brits Vanadium Project for boreholes BVL009 to BVL026 are all expected to be reported before end of Q1 2019. Samples for boreholes BVL009 to BVL016 have already been submitted to the laboratory while sampling of the rest of the boreholes BVL017 to BVL026 continues. The Maiden Mineral Resource Estimate for the Brits Vanadium Project is expected in Q2 2019. Table 2 summarises the results for the first phase of the exploration programme reported in Q3 2018.
Table 3: Phase 1 - Assay results and intersections for Brits Vanadium Project Drilling
Drillhole Intersection(1) Magnetite V(2) O(5) %
% (in magnetite)
4.32-12.91
BVL001(2) LS1 m 49.11 2.09
--------------- ------------------- ---------- ----------------
16.45 - 17.55
BVL002 LS8 m 40.69 1.43
--------------- ------------------- ---------- ----------------
23.00 - 24.93
LS7 m 31.55 1.62
--------------- ------------------------------- ---------- ----------------
30.00 - 31.10
LS6 m 53.88 1.57
--------------- ------------------------------- ---------- ----------------
32.00 - 35.32
LS5 m 39.04 1.61
--------------- ------------------------------- ---------- ----------------
38.00 - 39.50
LS4 m 40.58 1.40
--------------- ------------------------------- ---------- ----------------
58.35 - 59.78
LS3 m 46.05 1.62
--------------- ------------------------------- ---------- ----------------
63.30 - 65.60
LS2 m 36.04 1.86
--------------- ------------------------------- ---------- ----------------
66.00 - 98.68
LS1 m 55.50 1.68
--------------- ------------------------------- ---------- ----------------
12.60 - 14.80
BVL003 LS8 m 33.97 1.47
--------------- ------------------- ---------- ----------------
20.50 - 23.41
LS7 m 26.48 1.48
--------------- ------------------------------- ---------- ----------------
27.00 - 29.46
LS6 m 38.68 1.57
--------------- ------------------------------- ---------- ----------------
32.00 - 33.74
LS5 m 39.77 1.61
--------------- ------------------------------- ---------- ----------------
36.10 - 38.00
LS4 m 38.84 1.45
--------------- ------------------------------- ---------- ----------------
58.00 - 60.70
LS3 m 35.40 1.50
--------------- ------------------------------- ---------- ----------------
64.00 - 66.90
LS2 m 35.64 1.61
--------------- ------------------------------- ---------- ----------------
67.45 - 71.86
LS1 m 58.73 1.66
--------------- ------------------------------- ---------- ----------------
13.31 - 14.70
BVL004(2) LS1 m 80.08 1.94
--------------- ------------------- ---------- ----------------
19.46 - 21.70
BVL005 IS2 m 29.50 1.45
--------------- ------------------- ---------- ----------------
28.00 - 30.15
IS1 m 33.99 1.47
--------------- ------------------------------- ---------- ----------------
39.16 - 41.18
LS8 m 32.80 1.43
--------------- ------------------------------- ---------- ----------------
45.96 - 49.00
LS7 m 27.03 1.44
--------------- ------------------------------- ---------- ----------------
54.00 - 55.25
LS6 m 55.64 1.39
--------------- ------------------------------- ---------- ----------------
58.00 - 60.00
LS5 m 43.11 1.44
--------------- ------------------------------- ---------- ----------------
63.00 - 64.40
LS4 m 41.71 1.59
--------------- ------------------------------- ---------- ----------------
84.00 - 86.30
LS3 m 42.12 1.55
--------------- ------------------------------- ---------- ----------------
90.00 - 92.18
LS2 m 37.88 1.53
--------------- ------------------------------- ---------- ----------------
93.00 - 96.22
LS1 m 63.43 1.67
--------------- ------------------------------- ---------- ----------------
29.00 - 32.32
BVL006(2) US2 m 34.77 1.75
--------------- ------------------- ---------- ----------------
34.35 - 41.00
US1 m 38.40 1.63
--------------- ------------------------------- ---------- ----------------
98.00 - 100.35
IS2 m 29.17 1.70
--------------- ------------------------------- ---------- ----------------
106.00 - 108.5
IS1 m 30.02 1.68
--------------- ------------------------------- ---------- ----------------
117.00- 119.00
LS8 m 36.56 1.64
--------------- ------------------------------- ---------- ----------------
125.60 - 127.00
LS7 m 41.62 1.65
--------------- ------------------------------- ---------- ----------------
131.85 - 133.10
LS6 m 57.62 1.66
--------------- ------------------------------- ---------- ----------------
135.00 - 138.00
LS5 m 44.26 1.70
--------------- ------------------------------- ---------- ----------------
140.20 - 141.10
LS4 m 53.82 1.66
--------------- ------------------------------- ---------- ----------------
160.00 - 161.75
LS3 m 46.79 1.54
--------------- ------------------------------- ---------- ----------------
165.00 - 167.73
LS2 m 39.65 1.79
--------------- ------------------------------- ---------- ----------------
168.15 - 171.36
LS1 m 65.89 1.78
--------------- ------------------------------- ---------- ----------------
50.00 - 54.44
BVL007 US1 m 20.03 1.46
--------------- ------------------- ---------- ----------------
59.00 - 61.00
IS2 m 28.48 1.52
--------------- ------------------------------- ---------- ----------------
65.00 - 67.00
IS1 m 28.60 1.49
--------------- ------------------------------- ---------- ----------------
71.92 - 74.60
LS8 m 34.52 1.42
--------------- ------------------------------- ---------- ----------------
83.00 - 84.84
LS7 m 42.73 1.39
--------------- ------------------------------- ---------- ----------------
97.00 - 98.00
LS6 m 66.30 1.40
--------------- ------------------------------- ---------- ----------------
99.20 - 102.30
LS5 m 40.48 1.49
--------------- ------------------------------- ---------- ----------------
105.00 - 106.35
LS4 m 53.78 1.40
--------------- ------------------------------- ---------- ----------------
126.00 - 126.82
LS3 m 73.56 1.34
--------------- ------------------------------- ---------- ----------------
126.82 - 127.50
LS2 m 80.08 1.31
--------------- ------------------------------- ---------- ----------------
130.00 - 136.50
LS1 m 52.26 1.61
--------------- ------------------------------- ---------- ----------------
New Seam 43.00 - 75.00
BVL008 (3) m 29.22 1.31
--------------- ------------------- ---------- ----------------
107.00 - 108.90
New Seam(3) m 32.88 1.36
--------------- ------------------------------- ---------- ----------------
110.40 - 112.22
US2 m 55.57 1.41
--------------- ------------------------------- ---------- ----------------
128.65 - 129.34
US1 m 50.59 1.37
--------------- ------------------------------- ---------- ----------------
131.70 - 132.20
IS2 m 39.65 1.45
--------------- ------------------------------- ---------- ----------------
133.00 - 138.58
IS1 m 41.29 1.38
--------------- ------------------------------- ---------- ----------------
1. Note that depths are intersected depths and do not represent true thicknesses
2. BVL001, BVL004 and BVL006 have been previously reported.
3. New Seam overlying Upper Seam (US): consistency to be verified with additional boreholes
LS = Lower Seam, IS = Intermediate Seam, US = Upper
The sample analysis results continue to reaffirm the consistent nature in grade and thickness of the Lower Seam (LS), Intermediate Seam (IS) and Upper Seam (US) Layers at the Brits Vanadium Project. Although the grade of the LS is marginally lower than that mined at Vametco, it still represents world-class vanadium grades. These assay results provide evidence of continuity of ore grades and thicknesses similar to the adjacent operating Bushveld Vametco Alloys mine and confirm the potential for an eastward extension of the current orebody being mined at Vametco.
Mokopane Vanadium Project
The Mokopane Vanadium Project is a key part of Bushveld's vanadium strategy and the intention remains to secure the mining right and develop the greenfield project into a vanadium mine and processing plant. The Company continues to explore means to supply ore from the project to plants in China and / or elsewhere in the world.
Enquiries: info@bushveldminerals.com
Bushveld Minerals +27 (0) 11 268 6555 Fortune Mojapelo, Chief Executive Officer Chika Edeh, Head of Investor Relations SP Angel Corporate Finance LLP Nominated Adviser & Broker +44 (0) 20 3470 0470 Ewan Leggat / Richard Morrison Jonathan Williams / Richard Parlons Alternative Resource Capital Joint Broker Rob Collins +44 (0) 207 186 9001 Alex Wood +44 (0) 207 186 9004 BMO Capital Markets Limited Joint Broker +44 (0) 20 7236 1010 Jeffrey Couch / Tom Rider Michael Rechsteiner / Neil Elliot Tavistock Financial PR Charles Vivian / Gareth Tredway +44 (0) 207 920 3150 Lifa Communications Financial PR (South Africa) Gabriella von Ille +27 (0) 711 121 907
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low cost, integrated, primary vanadium producer, with ownership of high grade vanadium assets.
The Company's flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; the Mokopane Vanadium Project and the Brits Vanadium Project.
Bushveld's vision is to become a significant, low cost, integrated primary vanadium producer through owning high grade assets. This incorporates development and promotion of the role of vanadium in the growing global energy storage market through Bushveld Energy, the Company's energy storage project developer and component manufacturer. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries.
While the Company's focus is on vanadium operations and the development and promotion of VRFBs, it has additional investments in coal, power and tin.
The coal platform comprises the wholly-owned Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers. The Company's tin interests are held through its shareholding in AIM listed AfriTin Mining Limited.
The Company's approach to project development recognises that, whilst attractive project economics are imperative, they are insufficient to secure capital to bring them to account. A clear path to production within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. This philosophy is core to the Company's strategy in developing projects.
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com.
About Vametco
Vametco is located near Brits on the Western Limb of the Bushveld Complex. The integrated operation comprises a vanadium ore mine and a processing plant that produces Nitrovan(TM) , a trademark product sold in major steel markets across the world. The mine lies adjacent to the Brits Vanadium Project, which will in future serve as an alternative source of near surface run of mine (ROM) ore feed to the Vametco plant.
The Vametco mining operation uses open pit bench mining methods to mine a well-defined orebody. The deposit is continuous with limited faulting and dips in a northerly direction at approximately 19 degrees.
ROM ore is fed into a primary, secondary and tertiary crushing circuit, followed by milling and magnetic separation to produce magnetite concentrates. The magnetite concentrates are fed into the extraction process which includes the kiln for roasting followed by leaching and precipitation. Thereafter the precipitated vanadium as ammonium metavanadate is converted to modified vanadium oxide (MVO) in rotary calciners. MVO is fed into the mixplant and finally into the shaft furnaces to produce Nitrovan(R) .
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information contained within the announcement has been reviewed and approved by Dr Luke Longridge, consulting geologist. Dr Longridge has a PhD in Geology (2012) and over 6 years' experience working on vanadiferous magnetite deposits in the Bushveld Complex. He is a member of the Geological Society of South Africa and is a registered Professional Natural Scientist (Pr Sci.Nat.) in South Africa. Dr Longridge has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Dr Longridge consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
UPDEAAFNAELNEAF
(END) Dow Jones Newswires
January 30, 2019 02:00 ET (07:00 GMT)
1 Year Bushveld Minerals Chart |
1 Month Bushveld Minerals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
