logo-loader

Bushveld’s profits boosted as vanadium price soars

Published: 08:25 26 Sep 2018 BST

1537947019_724445707-shutterstock-vanadium
Vanadium prices are riding high

Bushveld Minerals LTD (LON:BMN) delivered £62.1mln in revenue during the six months to June 2018.

That translated into profit after tax of £21.1mln, up significantly on the £1.1mln delivered in the corresponding period a year earlier.

WATCH: Bushveld Minerals 'still greatly undervalued' - CEO Fortune Mojapelo

The profits boost came as the company enjoyed its first period of fully consolidated accounts since increasing its shareholding in Bushveld Vametco Holdings from 26.6% to a controlling 59.1% in December 2017, and subsequently to 75% in September 2018.

Vametco is an established vanadium producer and has been benefiting from extremely strong vanadium prices in recent months.

Accordingly, Bushveld had a consolidated cash balance of £26.2mln as at the end of June, and no debt.

Bushveld remains one of the lowest cost vanadium producers in the world.

An expansion programme is underway.

 

Bushveld Minerals Limited announces noteworthy news

Fortune Mojapelo, CEO of Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF) (Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)) (Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)), discussed the restructuring of their convertible loan note with Proactive London. The restructuring involves converting...

on 12/5/23