We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.02 | -3.51% | 0.55 | 0.50 | 0.60 | 0.575 | 0.525 | 0.575 | 7,099,927 | 12:47:46 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Minrls,earths-ground,treated | 151.18M | -38.97M | -0.0166 | -0.33 | 12.89M |
From May 2019 to May 2024
TIDMBMN
RNS Number : 7720Z
Bushveld Minerals Limited
22 May 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.
22 May 2019
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Vametco Inferred & Indicated Mineral Resource and Ore Reserve 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 updated Mineral Resource and Ore Reserve for the Vametco vanadium mine near Brits on the Western Limb of the Bushveld Complex. The updated Mineral Resource and Ore Reserve incorporates data from the 2018 drilling campaign comprising 13 drillholes over a total of 1,506 m of diamond drilling, and has been compiled in accordance with JORC (2012).
Key Highlights
-- Ore Reserves have more than doubled to 279,100 tonnes V(2) O(5) in magnetite (previously 137,152 tonnes V(2) O(5) in magnetite), notwithstanding production of approximately 5,700 metric tonnes of vanadium (between October 2017 and March 2019) while the grade has increased by 3 per cent to 2.02 per cent V(2) O(5) (previously 1.96 per cent V(2) O(5) ).
-- Indicated Resources have increased by 187 per cent. to 965,900 tonnes of V(2) O(5) in magnetite
(previously 336,604 tonnes V(2) O(5) in magnetite).
-- The recently drilled holes added further confidence to the Mineral Resource resulting in a higher ratio of Indicated Mineral Resource to the Inferred Mineral Resources, constituting 75 per cent. of the Total Mineral Resource.
-- The aggregate Inferred and Indicated Mineral Resource is distributed across three Seams (The Lower, Intermediate and Upper Seams) and is reported as 186.7 Mt at an average grade of 1.98 per cent V(2) O(5) (in magnetite), with an average magnetite content of 35.0 per cent (in whole rock) for 719,300 tonnes of contained vanadium.
-- Within this, the Ore Reserve in the Probable Category is reported as 48.4 Mt across the same three seams at an average grade of 2.02 per cent V(2) O(5) (in magnetite), with an average magnetite content of 28.5 per cent (in whole rock) for 156,300 tonnes of vanadium.
-- The Lower Seam is the main ore seam and the thickest, ranging from 13.8 to 52.0 metres in thickness, comprising a Probable Reserve of 40.2 Mt at an average grade of 2.05 per cent V(2) O(5) (in magnetite), with an average magnetite content of 29.4 per cent (in whole rock) for 135,600 tonnes of vanadium.
-- The 31 per cent increase in the 2019 Mineral Resource over the 2017 estimate is primarily attributed to reporting the Mineral Resource to a maximum depth of 150m below surface, versus 120m in 2017.
-- A relatively higher grade in the 2019 estimate resulted from better definition of the mineralised units due to the recent drilling, which allowed the re-scrutinising of historical data. This, together with reporting the Mineral Resource at a cut-off grade of 20 per cent magnetite (previously no cut-off grade was applied), resulted in a higher-grade Mineral Resource than in 2017, particularly for the Upper Seam that is now defined as a layer of massive magnetite.
-- The increase in the ore tonnages for the 2019 Ore Reserve estimate from 26.12 Mt to 48.43 Mt is due to the Mineral Resource definition work on the Intermediate and Upper Seams, which resulted in reclassification to the Indicated category, resulting in the conversion of an additional 8.19 Mt of Ore Reserves within the selected pit design. The additional 14.11 Mt of Ore Reserves from the Lower Seam is due to the larger pit shell from a Whittle pit optimisation based on the overall improved economics.
-- The magnetite content grade increase in the Ore Reserves from 26.8 per cent to 28.5 per cent is a direct result of the increase in magnetite content in the Mineral Resources. The impact of this translates to additional potential ore production and vanadium through the processing plant.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"Following a significant amount of exploration work, including drilling to greater depths, as well as a reinterpretation of the geological model to include the cut-off grade of the magnetite, we have been able to report a significant increase in Ore Reserves and grade from the 2017 estimate.
"The conversion of additional Indicated Mineral Resources to Probable Ore Reserves, plus the larger pit shell, means we have added significant increased production life at Vametco. In fact, even at the future expanded rates of production we have previously laid out, this mine will operate for decades into the future."
Hot Features
Premium
Table 1: Vametco Mineral Resource at a cut-off grade of 20% magnetite, 29 March 2019 - Gross
Basis
Class Seam Name Tonnes V(2) O(5) Magnetite V(2) O(5) Tonnes V(2) Tonnes V in
grade of grade of grade in O(5) in magnetite
whole rock whole rock magnetite magnetite
----------------
(Millions) % % % (Thousands) (Thousands)
---------------- ----------- ------------ ------------ ------------ ------------ -------------
Indicated Upper 5.7 1.44 65.9 1.78 67.0 37.5
Intermediate 28.7 0.68 32.7 1.91 179.2 100.4
Lower 109.4 0.72 32.4 2.03 719.7 403.1
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Total 143.8 0.74 33.8 2.00 965.9 541.1
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Inferred Upper 10.5 1.46 63.5 1.75 116.3 65.1
Intermediate 7.0 0.67 32.1 1.92 43.4 24.3
Lower 25.4 0.74 31.3 2.00 158.5 88.8
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Total 42.9 0.90 39.3 1.92 318.2 178.2
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Indicated and
Inferred Upper 16.2 1.45 64.3 1.76 183.3 102.7
Intermediate 35.7 0.67 32.6 1.91 222.6 124.7
Lower 134.8 0.72 32.1 2.03 878.2 491.9
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Total 186.7 0.78 35.0 1.98 1,284.1 719.3
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur. 2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability. 3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).
4. Magnetite content (grade) is determined as the proportion of magnetite concentrate recovered using Davis Tube methodology.
5. Due to the magnetite grade being a recovered grade, differences will occur between whole rock V(2) O(5) grades back-calculated from concentrate, versus those derived from whole rock assays.
6. Depleted as at 29 March 2019.
7. Reported on a Gross Basis. Bushveld Minerals shareholding in Vametco Alloys is 74%.
Table 2: Vametco Mineral Resource at a cut-off grade of 20% magnetite, 29 March 2019 - Attributable
Basis
Class Seam Name Tonnes V(2) O(5) Magnetite V(2) O(5) Tonnes V(2) Tonnes V in
grade of grade of grade in O(5) in magnetite
whole rock whole rock magnetite magnetite
----------------
(Millions) % % % (Thousands) (Thousands)
---------------- ----------- ------------ ------------ ------------ ------------ -------------
Indicated Upper 4.2 1.44 65.9 1.78 49.6 27.8
Intermediate 21.2 0.68 32.7 1.91 132.6 74.3
Lower 81.0 0.72 32.4 2.03 532.6 298.3
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Total 106.4 0.74 33.8 2.00 714.8 400.4
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Inferred Upper 7.7 1.46 63.5 1.75 86.1 48.2
Intermediate 5.2 0.67 32.1 1.92 32.1 18.0
Lower 18.8 0.74 31.3 2.00 117.3 65.7
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Total 31.7 0.90 39.3 1.92 235.4 131.9
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Indicated and
Inferred Upper 12.0 1.45 64.3 1.76 135.6 76.0
Intermediate 26.4 0.67 32.6 1.91 164.7 92.3
Lower 99.7 0.72 32.1 2.03 649.8 364.0
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Total 138.1 0.78 35.0 1.98 950.2 532.3
------------------------------- ----------- ------------ ------------ ------------ ------------ -------------
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur. 2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability. 3. Mineral Resources are inclusive of Ore Reserves (not indicated in the table).
4. Magnetite content (grade) is determined as the proportion of magnetite concentrate recovered using Davis Tube methodology.
5. Due to the magnetite grade being a recovered grade, differences will occur between whole rock V(2) O(5) grades back-calculated from concentrate, versus those derived from whole rock assays.
6. Depleted as at 29 March 2019.
7. Reported on an Attributable Basis. Bushveld Minerals shareholding in Vametco Alloys is 74%.
Table 3: Vametco Ore Reserves, 29 March 2019 - Gross Basis
Class Seam Name Tonnes V(2) O(5) Magnetite V(2) O(5) Tonnes V(2) Tonnes V in
grade of grade of grade in O(5) in magnetite
whole rock whole rock magnetite magnetite
----------------
(Millions) % % % (Thousands) (Thousands)
---------------- ----------- ------------- ------------- -------------- ------------- --------------
Probable Upper 1.0 0.58 27.3 1.78 4.6 2.6
Intermediate 7.2 0.53 23.7 1.89 32.3 18.1
Lower 40.2 0.63 29.4 2.05 242.1 135.6
--------------------------- ----------- ------------- ------------- -------------- ------------- --------------
Total 48.4 0.62 28.5 2.02 279.1 156.3
--------------------------- ----------- ------------- ------------- -------------- ------------- --------------
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Ore Reserve tonnes and grades reported on dry ROM (plant feed) basis after mining modifying factors have been applied but before beneficiation down-stream recoveries/losses have been applied
3. Reporting was prepared on a Mineral Resource model developed by MSA
4. Ore Reserve tonnes depleted as at 29 March 2019.
5. Reported on a Gross Basis. Bushveld Minerals shareholding in Vametco Alloys is 74%.
Table 4: Vametco Ore Reserves, 29 March 2019 - Attributable Basis
Class Seam Name Tonnes V(2) O(5) Magnetite V(2) O(5) Tonnes V(2) Tonnes V in
grade of grade of grade in O(5) in magnetite
whole rock whole rock magnetite magnetite
----------------
(Millions) % % % (Thousands) (Thousands)
---------------- ----------- ------------- ------------- -------------- ------------- --------------
Probable Upper 0.7 0.58 27.3 1.78 3.4 1.9
Intermediate 5.4 0.53 23.7 1.89 23.9 13.4
Lower 29.8 0.63 29.4 2.05 179.2 100.3
--------------------------- ----------- ------------- ------------- -------------- ------------- --------------
Total 35.8 0.62 28.5 2.02 206.5 115.6
--------------------------- ----------- ------------- ------------- -------------- ------------- --------------
Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Ore Reserve tonnes and grades reported on dry ROM (plant feed) basis after mining modifying factors have been applied but before beneficiation down-stream recoveries/losses have been applied
3. Reporting was prepared on a Mineral Resource model developed by MSA 4. Ore Reserve tonnes depleted as at 29 March 2019.
5. Reported on an Attributable Basis. Bushveld Minerals shareholding in Vametco Alloys is 74%.
Enquiries: info@bushveldminerals.com
+27 (0) 11 268
Bushveld Minerals 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
SP Angel Corporate Finance Nominated Adviser +44 (0) 20 3470
LLP & Broker 0470
Ewan Leggat / Richard Morrison
Jonathan Williams / Richard
Parlons
Alternative Resource Capital Joint Broker
+44 (0) 207 186
Rob Collins 9001
+44 (0) 207 186
Alex Wood 9004
+44 (0) 20 7236
BMO Capital Markets Limited Joint Broker 1010
Jeffrey Couch / Tom Rider
Michael Rechsteiner / Neil
Elliot
Tavistock Financial PR
+44 (0) 207 920
Charles Vivian / Gareth Tredway 3150
Brunswick Financial PR (South
Africa)
+27 (0) 11 502
Miyelani Shikwambana 7300
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 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(TM) .
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 Professor Richard Viljoen. Professor Richard Viljoen has more than 30 years' experience in the mining industry, including 15 years as chief consulting geologist for Gold Fields of South Africa. Notable past experience includes the development of significant mines including Northam Platinum and the Leeudoorn and Tarkwa gold mines, identifying and developing a significant platinum deposit in the Bushveld Complex for Akanani Resources as well as acting as consultant for exploration and mining companies in Canada, Mexico, Venezuela, India and China in the fields of base metals, gold and platinum. Professor Richard Viljoen has extensive 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). Professor Richard Viljoen consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Glossary of Technical Terms
Cut-off grade The lowest grade, or quality,
of mineralised material that
qualifies as economically mineable
and available in a given deposit.
May be defined on the basis
of economic evaluation, or on
physical or chemical attributes
that define an acceptable product
specification.
Geological model Geological modelling, or Geomodelling,
is the applied science of creating
computerized representations
of portions of the Earth's crust
based on geophysical and geological
observations made on and below
the Earth surface
-----------------------------------------------------
Indicated Mineral Resources Indicated Mineral Resource or
or Indicated Resources Indicated Resource is that part
of a Mineral Resource for which
quantity, grade or quality,
densities, shape and physical
characteristics, can be estimated
with a level of confidence sufficient
to allow the appropriate application
of technical and economic parameters,
to support mine planning and
evaluation of the economic viability
of the deposit. The estimate
is based on detailed and reliable
exploration and testing information
gathered through appropriate
techniques from locations such
as outcrops, trenches, pits,
workings and drill holes that
are spaced closely enough for
geological and grade continuity
to be reasonably assumed
-----------------------------------------------------
Inferred Mineral Resources or An Inferred Mineral Resource
Inferred Resources or Inferred Resource is that
part of a Mineral Resource for
which quantity and grade (or
quality) are estimated on the
basis of limited geological
evidence and sampling. Geological
evidence is sufficient to imply
but not verify geological and
grade (or quality) continuity.
It is based on exploration,
sampling and testing information
gathered through appropriate
techniques from locations such
as outcrops, trenches, pits,
workings and drill holes.
-----------------------------------------------------
Magnetite Naturally occurring form of
iron ore with the formula Fe3O4.
-----------------------------------------------------
Mt Millions of tonnes
-----------------------------------------------------
mt or mtV Metric tonne or Metric tonne
of Vanadium
-----------------------------------------------------
Ore or Mineral Resource Ore or Mineral Reserves are
sub-divided into two categories.
The "Proved" category - the
highest level of Reserves or
the level with the most confidence
and the "Probable" category
- the lower level of confidence
of the Reserves.
Reserves are distinguished from
resources as all the technical
and economic parameters have
been applied and the estimated
grade and tonnage of the resources
should closely approximate the
actual results of mining. The
guidelines state: "Mineral Reserves
are inclusive of the diluting
material that will be mined
in conjunction with the Mineral
Reserve and delivered to the
treatment plant or equivalent
facility." The guidelines also
state that:
"The term 'Mineral Reserve'
need not necessarily signify
that extraction facilities are
in place or operative or that
all government approvals have
been received. It does signify
that there are reasonable expectations
of such approvals."
-----------------------------------------------------
Seam a bed or a distinct layer of
vein of rock in other layers
of rock
-----------------------------------------------------
Vanadium Vanadium is a chemical element
with the symbol V and atomic
number 23.
-----------------------------------------------------
Vanadium Oxide Vanadium(V) oxide is the inorganic
compound with the formula V(2)
O(5) .
-----------------------------------------------------
Pit optimisation Pit optimisation is used to
define the most profitable pit
shell for a given set of economic
parameters. The economic parameters
generally include the metal
prices, process recoveries,
and operating costs.
-----------------------------------------------------
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
UPDZMGZKMMDGLZZ
(END) Dow Jones Newswires
May 22, 2019 02:01 ET (06:01 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
