Bushveld Minerals Share Discussion Threads

[1347] 30/6/2022 20:58

Lifestyle company for Fortune (as in many have lost one here) and his mates. Results aren't as bad as I feared they might be though but break even costs are too high.

[nvhltd] 30/6/2022 20:31

We’re even paying Fortune’s tax bills.

“The company paid on behalf of Mr Fortune Mojapelo, tax on historic shares to the value of $439 094. The tax arises from historic shares issued to Mr Mojapelo. The company had an obligation to settle the tax on behalf of Mr Fortune Mojapelo. The amount is reflected as a debtor”.

[hateinvesting] 30/6/2022 20:29

The management needs stripping out and replacing. The debt is absolutely crippling and will chainlink this for years. BE will be spun off and bmn will sell its BE holding before long -when it needs 500 quid - just like with infinity. So, in the end it's PI's that pay the price, as always. Clowns on LSE literally still believe that Duf, Prem and Orion doesn't qualify as dilution. Madness

[nvhltd] 30/6/2022 20:17

“The Company's subsidiary, Bushveld Resources Limited has a 64% interest in Pamish Investment No 39 (Proprietary) Limited ("Pamish") which holds an interest in Prospecting right 95 ("Pamish 39").

The Department of Mineral Resources and Energy ("DMRE") granted a mining right to Pamish Investments No. 39 (Pty) Ltd ("Pamish") on the 28th of August 2019, in respect of the five farms Vliegekraal 783 LR, Vogelstruisfontein 765 LR, Vriesland 781 LR, Schoonoord 786 LR and Bellevue 808 LR situated in the District of Mogalakwena, Limpopo, which make up the Mokopane Project.

Mokopane is a vanadium resource. On 29 January 2020, the DMRE executed a 30-year mining right in favour of the Company, over five farms: Vogelstruisfontein 765 LR; Vriesland 781 LR; Vliegekraal 783 LR; Schoonoord 786 LR; and Bellevue 808 LR. The Mining Right required Pamish to commence mining activities, including in-situ activities associated with the Definitive Feasibility Study ("DFS") by end of January 2021. The COVID-19 pandemic resulted in a significant delay in the commencement of the DFS and the necessary engagement with local communities required to finalise Land Use arrangements and, consequently, this deadline was not met. Application to the DMRE for an extension of 18 months to commence mining activities has been submitted. Engagement has begun with communities to reach agreement for access to the project areas and secure a Land Use Arrangement”.

[nvhltd] 30/6/2022 20:13

“As disclosed in note 12, the Mokopane license held by the Group requires that mining operations commence prior to the end of January 2021. As at 31 December 2021 no mining has taken place at the site. An application for an extension to requirement to commence mining activities has been submitted to the Department of Mineral Resources and Energy ("DMRE"), however a response has not yet received. The directors are confident that the extension will be forthcoming and the license therefore remains valid. Consequently, the directors have made a judgment that no impairment of the related intangible asset is required”.

[nvhltd] 30/6/2022 20:07

There’ll be no cash available for their expansion plan. This is now stuck at the new production level for years to come.

[nvhltd] 30/6/2022 20:06

As noted above, the Nedbank RCF is due to be repaid in November 2022 and this is modelled in the cashflow forecasts. In November 2023 the convertible loan note with “Orion of $35million plus interest is due for repayment. Although this is beyond the 12 month going concern review period as considered by the board, repayment of the convertible loan note is included in the group's long term forecasts through to December 2023. Where additional funding may be required, the Group believes it has several options available to it, including but not limited to, use of the overdraft facility, restructuring of the debt, cost reduction strategies as well as selling of non-core assets”.

[nvhltd] 30/6/2022 20:04

“With regards to pricing, the short to medium term assumptions are that the average price achieved by the Group will be $40.99 through to 31 December 2022 and average at $35.04 throughout 2023. The year to date average price achieved by the group was $44.89”.

Now where’s Gah with his fanciful $60 to $70 and only 47% of production sold to the US?

[nvhltd] 30/6/2022 19:58

“The pace of ramp up of the kiln has been slower than planned, impacted by electricity loadshedding and technical issues that are consistent with a ramp up”.

[megaman2] 30/6/2022 19:04

I wonder if they plan listing be on jSE ?? Don't know if that's realistic or not ? Hopefully they have something up their sleeve with eskom 2 or the like . It's the right thing to do at this juncture to let bmn concentrate on financing the mining operations.

[nvhltd] 30/6/2022 18:55

You’re starting to lose it again Alexander. Have you read the results. Now remind me what was the fantastic transformational news you and Gah were expecting?

[plat hunter] 30/6/2022 18:45

This will end up getting de listed eventually, no doubts remain in my mind. A bit like Mo's sports drinks, it's going to leave a rather bitter taste in a few mouths

[liftoff476] 30/6/2022 18:30

Nice rns, q2 should be very good.Some may not be happy with that

[nvhltd] 30/6/2022 18:16

You’re ok Alexander. The internet is full of psychos. I think I’ll stay behind my keyboard. It’s safer.

[sunduster22] 30/6/2022 17:16

who you talking to maurice you little worm... no hiding behind keyboards you c u n t... come out and play

[megaman2] 30/6/2022 17:11

$29.3 million loss they are going to hive off be good riddance as expected and good news


???? What are you on about Maurice ???? Are you drunk ??

[mauricegarin1] 30/6/2022 17:00

Gah they’ve been caught out on there short big styke

[mauricegarin1] 30/6/2022 16:58

Haha karma I can smell burning tommorow

[mauricegarin1] 30/6/2022 16:54

Mega prat and Stu come out to play pretty please