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Jaxson 640, Bushveld Minerals’ Black Economic Empowerment partner of choice, completes acquisition of Vametco stake

Jaxson 640 is led by Bill Chipane, who has been a consultant to Bushveld for some time
steel factory
Vanadium is used in the steel industry

Bushveld Minerals Limited (LON:BMN) has confirmed that its Black Economic Empowerment (BEE) partner of choice, Jaxson 640, has completed its acquisition of a 21.2% stake in the Vametco vanadium mine.

Back in February, diversified mineral investment company Bushveld agreed to facilitate a change in the ownership of one of Vametco’s BEE partners.

Jaxson, led by investment professional Bill Chipane, has bought the stake from a consortium led by Avacap for US$655,000, all of which has been vendor financed by Bushveld.

The transaction takes place just a couple of months after Bushveld acquired a 78.8% stake in Strategic Minerals Corporation from Evraz Minerals for US$16.47mln.

READ MORE: Bushveld closes Vametco acquisition

“We are delighted to announce, now that all the conditions have been satisfied, that the Jaxson 640 transaction Bushveld supported and vendor financed is now complete,” said chief executive Fortune Mojapelo.

“We are pleased to have the Jaxson 640 team and the local land-owners and communities, who are beneficiaries of this transaction, as our partners at Vametco and look forward to working with them in future.”

Shares closed 1.2% higher at 8.35p on Monday.

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