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Bushveld Minerals completes tin division spin off

Bushveld will retain a 17.5% stake with a further 24.4% to be distributed to shareholders
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Electric cars are expected to boost demand for tin

Bushveld Minerals Limited’s (LON:BMN) tin assets started trading separately today after AfriTin Mining Limited was admitted to AIM.

Now focused more on vanadium, Bushveld will retain a 17.5% stake with a further 24.4% to be distributed to shareholders.

READ: Bushveld Minerals and Bushveld shareholders to own roughly 41.9% of AfriTin Mining when it lists

Anthony Viljoen will be AfriTin’s chief executive and stands down as an executive director at Bushveld though remain a non-exec.

AfriTin Mining is valued at £2mln at the issue price of 3.9p. 

READ: Bushveld Minerals updates resource estimates at Mokopane tin project ahead of demerger

Fortune Mojapelo, Bushveld Minerals’s chief executive,  said: "With this milestone, we have fulfilled our promise to shareholders to develop the necessary critical-mass for a stand-alone tin company with a near-term production profile and a perfect opportunity to grow into the African tin champion.

"We are delighted to have AfriTin listed on the AIM Market. As a substantial and committed shareholder, Bushveld will remain supportive of AfriTin. "

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