Bushveld Minerals Limited (LON:BMN)

Bushveld Minerals Limited (LON:BMN)

Share Price
23.00 p
-3 (-11.54 %)
Market Cap
£257.38 m
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Bushveld Minerals Limited

Bushveld Minerals Limited (Bushveld Minerals) is an AIM-listed Company exploring and developing projects on the Bushveld Complex in South Africa. The company targets projects that combine:

  • Favorable cost-curve positioning,
  • A pragmatic, relatively low-capex and near term production profile
  • Potential for scale in well-understood geographies.

Bushveld Minerals is...

Market: LSE:BMN
52-week High/Low: 49.40p / 16.80p
Sector: General Mining
Market Cap: £257.38 m
Website: www.bushveldminerals.com
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Big Picture – A Deep Dive Examination of Bushveld Minerals Limited

Bushveld Minerals Limited Snapshot

Bushveld Minerals boasts an attractive portfolio of assets organized in four focused platforms:

corporate structure

The company equally recognizes the risk lowering-benefits of a diversified portfolio, particularly one involving commodities with solid economic fundamentals as the need to ensure each project platform has requisite focus needed for success. Through a disciplined project development programme the company’s focus for each project entails:

  • Confirming a robust resource
  • Defining the economics of the project
  • Developing strategic partnerships capable of accelerating projects through feasibility studies to production

The Company’s technical team boasts in-depth expertise on African geology and has played leadership roles in identifying and developing early stage projects through to developing them into operational mines.




The Bushveld P-Q Iron & Titanium Project

The Bushveld P-Q Iron & Titanium Project (”P-Q Project”) is a multi-commodity project located 45 km north-northwest of Mokopane town in Limpopo Province, South Africa. The project hosts a JORC compliant 939 Mt vanadiferous titano-magnetite deposit (the P-Q VTM deposit) contained in a layered ore body of average 45 m thickness, along a strike of ~8 km and dipping at 18-22° to the west.

The resource, with average grades of 33% Fe, 11% TiO2 and 0.19% V2O5, can be beneficiated by simple magnetic separation at grind fraction of 500µm to produce a concentrate grading 55% Fe, 19.5% TiO2, 0.33% V2O5, with >85% recoveries. It also consists of high grade zones of up to 20m with average Fe grades of 40% Fe, 15% TiO2 which can be upgraded to 50% Fe, 18.5% TiO2 through a dense media separation process applied on a 6mm grind fraction. A key attraction of the deposit is the high TiO2 grade of its concentrate, which creates scope for economic extraction of TiO2 from a high TiO2 grading slag after smelting. Test-work and modeling work conducted on the ore showed scope for a >50% TiO2 slag after smelting.

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The Bushveld Vanadium Project

The Bushveld Vanadium Project is a world-class vanadium project boasting some of the best in-situ (1.48% V2O5) and in-concentrate (2.01% V2O5) vanadium grades in the world. The deposit is based on the same license area as the P-Q Iron & Titanium Project and is a layered orebody along a north-south strike and dipping at 18-22° to the west running 2 km to the east and parallel to the P-Q Iron & Titanium Project resouce.

The Bushveld Vanadium project comprises three adjacent and parallel magnetite layers – the MML layer, the MML-Hanging wall layer and the AB Zone, with JORC resource delinieated on the MML (52Mt at 45% Fe, 1.48% V2O5, 9.7% TiO2) and the MML Hanging Wall (69Mt at 29% Fe, 0.80% V2O5, 11.9% TiO2)

The Company envisages utilizing the salt roast processing flowsheet, which, with at least three operating plants processing similar ores in South Africa, is proven and well understood. A recently completed (July 2014) scoping study focussing on the MML only confirms attractive economics for the project with a modest capital expenditure requirements of US$262 million for a primary vanadium production plant producing 10,350 tons 99% V2O5 per annum from a 1 Mtpa Run-of-Mine open pit operation. The project shows a pre-tax NPV (at 10% discount rate) of US$562 million and an IRR of 36% while the numbers on a post tax basis are US$236 million and 24%. The project is well placed to be a low first quartile producer of vanadium with a cost of US$5.99/kg V2O5.

The Bushveld Vanadium project is located in an important vanadium-producing region, responsible for 26% of the world’s vanadium supply.

The project will also benefit from growing vanadium demand (estimated at ~6% pa by Roskill), underpinned by the steel sector, which accounts for 90% of vanadium consumption globally. The application of vanadium in energy storage, for example in Vanadium Redox Flow batteries which are fast gaining momentum, could create substantial demand growth for vanadium going forward.

For more information, please click here



The Mokopane Tin Project

The Mokopane Tin Project is a brownfields tin project containing 18,447 tonnes of tin with an average grade of 0.12% tin (Sn) on two adjacent deposits. It is situated on the Northern Limb of the Bushveld Complex and consists of one prospecting right (2205 PR), covering six farms with an area of approximately 13,422 ha. Within the licence area, numerous targets for open-castable disseminated tin resources have been identified, and the Company has explored and drilled two of the targets, Groenfontein and Zaaiplaats, upon which a scoping study was based and the results released in September 2014.

The scoping study incorporated a simple process design based on closed circuit multi-stage gravity separation, followed by small-scale flotation and electrostatic separation, and smelting to produce a high-purity metal. The Base Case scenario is of a 691 ktpa ROM operation producing ~700 tpa of 99.5% tin metal from 1,380 tpa of 51.4% concentrate. The required capital expenditure is low at US$16.7 million and the economics of the Project are positive showing a pre-tax NPV of US$18.0 million and post-tax NPV of US$10.0 million, as well as a pre-tax IRR of 49.8% and post-tax IRR of 34.6%.

The tin market is supported by strong fundamentals, with increasing demand and strong prices supported by a supply deficit that is expected to continue into the foreseeable future.

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The Marble Hall Tin Project

Located in the Bushveld Complex, the Marble Hall Tin Project is a brownfields tin project that was historically explored by Goldfield’s in the 1980’s. Mineralisation occurs in a 1 m to 7 m thick breccia zone, and a number of boreholes have intersected significant instances of this mineralization at relatively shallow depths (<200 m). Bushveld Minerals’ technical team estimates, based on reinterpretation of Goldfields data (including historical drilling data), that there is a potential resource of up to 18,000 tonnes of contained tin at ~0.5% Sn from 3.6 million tonnes of ore.

A JORC-compliant resource is anticipated to be defined in 2015.




Lemur Resources' Imaloto Coal Project

Lemur Resources is an ASX-listed coal development company in which Bushveld Minerals holds a 57.21% majority shareholding. Lemur’s flagship project is the Imaloto Coal Project that is based in South West Madagascar. It is one of only three coal companies exploring in Madagascar, and contains a significant thermal coal resource of 136 Mt with 91.6 Mt in the Measured category.

A scoping study for the Imaloto Coal Project was released in September 2013 and showed a positive post-tax NPV of US$36 million, based on low initial capital expenditure of $12 million. There is scope for opencast mining in the first eight years of operations out of a total life-of-mine of 19 years.

Negotiations are currently underway to obtain an Independent Power Producer’s (IPP) licence that would allow Lemur to supply enough power for its operations as well as other mines in South West Madagascar. An MOU has been signed with Jirama, the Madagascan Government’s state-owned electricity company responsible for the production, transport and distribution of electricity in Madagascar.

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Board of Directors/Management 


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For more information on the Technical Team, please click here

Shareholder Information


Total shares in issue: 806 682 138

Top 10 shareholders as at 31 January 2017


1 Hargreaves Lansdown Asset Management              95 418 042     13,77
2 Acacia Resources Limited              93 695 000     13,52
3 Halifax Share Dealing              81 123 939     11,71
4 TD Direct Investing              59 514 113       8,59
5 Mr Nicholas John Mallett              38 000 000       5,49
6 Jose Roy Hernandez Borromeo              37 950 000       5,48
7 Barclays Wealth & Investment Management (UK)               34 002 133       4,91
8 Selftrade - Talos Securities              27 516 807       3,97
9 A J Bell Securities              27 505 339       3,97
10 Interactive Investor Sharedealing              24 053 011       3,47


Directors’ shareholding as at 31 January 2017


Ian Watson                      540,000             0.11            Nil             Nil
Fortune Mojapelo                   5,580,000*             1,15            Nil             Nil
Geoff Sproule                   1,500,000             0.31            Nil             Nil
Anthony Viljoen                   5,746,667*             1,18            Nil             Nil
Total                 13,366,667             2,26%            Nil             Nil


* Fortune Mojapelo and Anthony Viljoen collectively own 8,160,000 shares through their 50/50 partnership in the VM Investment Company

Registered Office

18-20 Le Pollet 

St Peters Port 



Principal Operating Address

Illovo Edge Office Park

Building 3, 2nd Floor

Corner Harries and Fricker Road.


South Africa


Tel: +27 11 268 6555

Fax: +27 11 268 5170

[email protected]

Nominated Adviser
Strand Hanson Limited

26 Mount Row

Joint Brokers
Mirabaud Securities
33 Grosvenor Place

Brandon Hill Capital
1 Tudor Street

Legal Counsel to the Company as to Guernsey law
Carey Olsen

Carey House
Les Banques
St Peter Port

Legal Counsel to the Company as to South Africa law

Edward Nathan Sonnenbergs
150 West Street
Johannesburg 2196
South Africa

Capita Registrars (Guernsey) Limited

Longue House
St Sampson Guernsey

Independent Auditor
25 Farringdon Street

Financial Public Relations United Kingdom:
4-5 Castle Court

Financial Public Relations South Africa:
Gabriella von Ille
32 Fricker Road
Illovo Boulevard

Solicitors to the Company as to English law
Lewis Silkin LLP

5 Chancery Lane
Clifford's Inn


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