Proactiveinvestors United Kingdom Bushveld Minerals Limited https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Bushveld Minerals Limited RSS feed en Tue, 23 Jul 2019 04:18:55 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Bushveld corrects maiden resources numbers for Brits ]]> https://www.proactiveinvestors.co.uk/companies/news/223969/bushveld-corrects-maiden-resources-numbers-for-brits-223969.html Bushveld Minerals LTD (LON:BMN) has corrected the resource numbers for its Brits vanadium project in South Africa.

The overall resource estimate of 66.8mln tonnes at an average grade of 1.58% V2O5 in magnetite remains unchanged.

WATCH: Vanchem deal takes Bushveld Minerals to another level - CEO Fortune Mojapelo

However, the attributable resource numbers have been readjusted to take account of Bushveld’s 62.5% ownership in Brits.

Previously, the attributable resource had been calculated using the same 74% ownership level that Bushveld has for its major project, Vametco.

The new number for the attributable indicated resource is 28mln tonnes of ore, giving 129,000 tonnes of V2O5.

The new attributable total indicated and inferred resource is 41.8 mln tonnes, giving 195,800 tonnes V2O5 in magnetite.

 

]]>
Tue, 16 Jul 2019 08:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223969/bushveld-corrects-maiden-resources-numbers-for-brits-223969.html
<![CDATA[RNS press release - Brits Vanadium Maiden Resource - Replacement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190716070005_14150291/ Tue, 16 Jul 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190716070005_14150291/ <![CDATA[RNS press release - Annual General Meeting Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190702140004_14133691/ Tue, 02 Jul 2019 14:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190702140004_14133691/ <![CDATA[News - Bushveld unveils maiden mineral resource estimate for the Brits vanadium project ]]> https://www.proactiveinvestors.co.uk/companies/news/222562/bushveld-unveils-maiden-mineral-resource-estimate-for-the-brits-vanadium-project-222562.html Bushveld Minerals Limited (LON:BMN), the vanadium producer, has provided a maiden mineral resource estimate for the Brits Vanadium Project in South Africa.

The aggregate inferred and indicated mineral resource distributed across the lower, intermediate and upper seams is reported as 66.8mln tonnes at an average grade of 1.58% vanadium pentoxide (V2O5) in magnetite, at a cut-off grade of 20% magnetite in whole rock for 175,400 tonnes of contained vanadium.

READ: Bushveld Minerals reveals resource upgrade for Vametco mine

The indicated mineral resource tonnages account for 67% of the total combined mineral resource and stand at 44.9mln tonnes with an average grade of 1.59% V2O5 in magnetite for 115,600 tonnes of contained vanadium across the three seams, Bushveld said.

The lower seam at Brits represents a major portion of the total combined mineral resource tonnages at the cut-off grade of 20%, with 55.5mln tonnes at an average grade of 1.58% V2O5 in magnetite for 137,000 tonnes of contained vanadium; this represents roughly 83% of the total combined tonnage of the maiden mineral resource.

Within the combined mineral resource, the intermediate seam has the highest grade of the three seams at 1.76% V2O5 in magnetite though the tonnages are low at the current cut-off grade of 20% magnetite in whole rock, Bushveld noted.

The mineral resource is reported up to a depth of 150 metres below the surface and is based on the drilling of the western and central blocks of the farm Uitvalgrond Portion 3 that extends over a strike length of about 1.65 kilometres (km) to the most eastern fault where the last line of drilling was completed.

Bushveld said there is potential to increase the resource on the remaining eastern unexplored portion of the farm on a strike length of 1km.

"We are pleased to be able to report solid results confirming that we have a high-quality asset at the Brits Project, where its average grade of 1.58% V2O5 in magnetite is among the highest in the world,” said Fortune Mojapelo, the chief executive officer of Bushveld.

"This represents an important step in the development of Brits – as we recently detailed our path to producing over 8,400 mtV per annum and Brits provides the optionality for additional ore feed for the Vametco plant and, if required, concentrate feed for the Vanchem plant,” he added.

Look out for #Vanadium based #VRFB flow batteries this year - allowing the electrolyte to be leased takes a huge chunk out of the upfront cost and they last for more than 20 years and cannot catch fire.https://t.co/LGeKB8fpyI

— BushveldPerspective (@BMNperspective) June 12, 2019

 

 

]]>
Fri, 21 Jun 2019 07:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222562/bushveld-unveils-maiden-mineral-resource-estimate-for-the-brits-vanadium-project-222562.html
<![CDATA[RNS press release - Brits Vanadium Maiden Mineral Resource ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190621070004_14119165/ Fri, 21 Jun 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190621070004_14119165/ <![CDATA[News - Bushveld Minerals unveils innovative vanadium electrolyte rental venture ]]> https://www.proactiveinvestors.co.uk/companies/news/221779/bushveld-minerals-unveils-innovative-vanadium-electrolyte-rental-venture-221779.html Bushveld Minerals Limited (LON:BMN) shares jumped on Monday after the firm announced a new innovative vanadium electrolyte rental product which is being launched alongside Avalon Battery Corporation.

The AIM-quoted firm’s 84% owned subsidiary Bushveld Energy has worked with Avalon to structure and design the rental product. It includes a financial model and a set of legal agreements which allow terms acceptable to three different parties - a vanadium producer, a battery company and an electricity customer.

WATCH: Bushveld Minerals 'in a very strong position' despite weaker Vanadium price

Bushveld highlighted that a rental product makes commercial sense for both battery manufacturers and vanadium producers, and, that the majority of challenges to implementation have been legal rather than commercial or financial. Such challenges were related to title ownership and risk allocation.

"Renting electrolyte is only practical with vanadium because the metal does not degrade after its useful life, one more reason that vanadium is the preferred mineral for energy storage systems,” said Mikhail Nikomarov, Bushveld chief executive.

“We are pleased to partner with Avalon Battery for commercial deployment of a concept that has been in development for a while, but not successfully implemented.

“Now vanadium takes its place alongside gold, silver, and platinum, as a metal that can be leased, opening up immense future opportunities for this model."

Avalon Battery chief product officer, Matt Harper said: "Avalon is thrilled to have partnered with Bushveld Energy for a project that both benefits our customers and highlights Bushveld Energy's spirit of innovation.

“Avalon's mission is to deliver battery solutions that are dependable, safe and economical, each a critical attribute for energy storage that will drive our electrical future. Renting electrolyte is a massive leap forward."

In afternoon trading, shares in Bushveld were 4.7% higher at 28p.

 -- Adds share price --

]]>
Mon, 10 Jun 2019 09:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221779/bushveld-minerals-unveils-innovative-vanadium-electrolyte-rental-venture-221779.html
<![CDATA[RNS press release - Deployment of Vanadium Electrolyte Rental Product ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190610090622_14104585/ Mon, 10 Jun 2019 09:06:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190610090622_14104585/ <![CDATA[Media files - Bushveld Minerals 'in a very strong position' despite weaker Vanadium price ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13665/bushveld-minerals--in-a-very-strong-position--despite-weaker-vanadium-price-13665.html Fri, 07 Jun 2019 11:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13665/bushveld-minerals--in-a-very-strong-position--despite-weaker-vanadium-price-13665.html <![CDATA[News - Bushveld Minerals fired up by soaring vanadium price ]]> https://www.proactiveinvestors.co.uk/companies/news/220849/bushveld-minerals-fired-up-by-soaring-vanadium-price-220849.html Vanadium miner Bushveld Minerals PLC (LON:BMN) saw its sales and revenues soar in 2018 as the price of the steel additive shot higher.

The metal is also seen as a potential electrolyte for batteries and excitement over this application, coupled with supply issues in China helped the price jump by 149% over the year.

WATCH: Bushveld Minerals 'in a very strong position' despite weaker Vanadium price

Even though production at the Vametco mine eased slightly to 2,560 metric tonnes, Bushveld's revenues climbed to US$192mln (US$3mln), while pre-tax profits rocketed to US$86.6mln compared to a loss of US$900,000.

Power storage is a key area for Bushveld, which is working with South Africa’s state power utility Eskom to develop a workable vanadium redox battery.

Since the year-end, the company also announced the US$68mln acquisition of Vanchem, which has processing capability in South Africa and is a specialist in vanadium-based compounds.

Fortune Mojapelo, Bushveld's chief executive, said: "Following the refurbishment programme at Vanchem and the expansion programme underway at Vametco, the company will have created a portfolio of processing assets capable of supplying approximately 10% of the global vanadium market.

“This was acquired for less than 40% of the estimated US$500mln replacement cost and used cash generated by the same assets for nearly half (US$100mln) of the cost of creating that capacity.”

Bushveld also said while it was not paying a dividend in 2018, going forward it would consider payments based on free cash-flow.

]]>
Thu, 23 May 2019 09:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220849/bushveld-minerals-fired-up-by-soaring-vanadium-price-220849.html
<![CDATA[RNS press release - Final Results for the Year Ended 31 December 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190523070008_14084391/ Thu, 23 May 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190523070008_14084391/ <![CDATA[RNS press release - AfriTin Standby Working Capital Support Financing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190522080300_14083198/ Wed, 22 May 2019 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190522080300_14083198/ <![CDATA[News - Bushveld Minerals reveals resource upgrade for Vametco mine ]]> https://www.proactiveinvestors.co.uk/companies/news/220754/bushveld-minerals-reveals-resource-upgrade-for-vametco-mine-220754.html Bushveld Minerals Limited (LON:BMN) has revealed an updated resource estimate for the Vametco vanadium mine, in South Africa, following successful drilling operations.

The company highlighted that ore reserves have more than doubled at the mine, to 279,100 tonnes of vanadium pentoxide in magnetite, notwithstanding some 5,700 tonnes of production since the last accounting period.

READ: Bushveld Minerals signs off the first quarter on a high

Indicated resources have similarly increased by 187%, to 965,900 tonnes of vanadium pentoxide in magnetite, while indicated and inferred resources amounted to 1.2mln tonnes of vanadium pentoxide in magnetite.

Total tonnage is upgraded to 48.43mln tonnes, from 26.12mln tonnes, thanks to the recent programme of resource definition drilling in the mine’s intermediate and upper seams, and, at the same time magnetite content grades increased to 28.5% from 26.8%.

"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,” said Fortune Mojapelo, Bushveld chief executive.

"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."

]]>
Wed, 22 May 2019 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220754/bushveld-minerals-reveals-resource-upgrade-for-vametco-mine-220754.html
<![CDATA[RNS press release - Vametco Mineral Resource and Ore Reserve Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190522070005_14082686/ Wed, 22 May 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190522070005_14082686/ <![CDATA[News - Bushveld Minerals says not aware of any corporate reason for share price fall, notes weakness in vanadium price ]]> https://www.proactiveinvestors.co.uk/companies/news/220691/bushveld-minerals-says-not-aware-of-any-corporate-reason-for-share-price-fall-notes-weakness-in-vanadium-price-220691.html Bushveld Minerals Limited (LON:BMN) shares came off lows on Tuesday as the integrated primary vanadium producer said it was not aware of any corporate reason for a recent fall in its share price, although it highlighted weakness in the vanadium price.

In a statement commenting on the downward share price move, the AIM-listed group said, in spite of the price falls, it believes the vanadium market “remains in a structural deficit that will support higher prices in the medium to long term.”

READ: Bushveld Minerals signs off the first quarter on a high

The group also said it will be releasing a Mineral Resource and Ore Reserve update imminently.

In addition, the company said, its financial statements for the year ended 31 December 2018 are scheduled to be published within the current month.

In late morning trading, Bushveld shares were off 3.3% at 22.25p, but that was above the earlier session low of 19.50p.

]]>
Tue, 21 May 2019 12:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220691/bushveld-minerals-says-not-aware-of-any-corporate-reason-for-share-price-fall-notes-weakness-in-vanadium-price-220691.html
<![CDATA[RNS press release - Comment on Share Price Movement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190521114024_14082015/ Tue, 21 May 2019 11:40:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190521114024_14082015/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190521110556_14081892/ Tue, 21 May 2019 11:05:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190521110556_14081892/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190521110036_14081886/ Tue, 21 May 2019 11:00:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190521110036_14081886/ <![CDATA[News - Bushveld Minerals signs off the first quarter on a high ]]> https://www.proactiveinvestors.co.uk/companies/news/220286/bushveld-minerals-signs-off-the-first-quarter-on-a-high-220286.html Bushveld Minerals Ltd (LON:BMN) said it ended the first quarter on a “very strong note” with its best monthly production from its South African vanadium plant in 21 months.

During the three months ended March 31, the Vametco operation produced 649 metric tonnes of the metal, which is found in alloys used in jet engines. That was broadly in line with the same period last year.

Improvements to the operation, including mine production, scheduling, and enhancements to kiln grade, meant Vametco churned out 270 tonnes in March alone. Bushveld expects to produce 2,800-2,900 tonnes this year at a unit cost of US$18.50-US$19.50 per kilogram.

"As the company's revenue and earnings generator and thus engine for growth it is imperative that Vametco operates to its full potential,” said chief executive Fortune Mojapelo.

“It is for this reason that we initiated the transformation programme, designed to ensure that we maximise production throughput, minimise costs on the back of the improvements implemented by our motivated and fully engaged workforce.”

Bushveld also told investors an updated reserve and resource statement for Vametco, in South Africa’s North West Province, will be published once the data has been fully reviewed.

Positive results and high grades from the Brits deposit suggest it could be a future source of raw material for Vametco and concentrate feed for the company’s Vanchem operation if required. The maiden resource estimate for Brits is expected sometime this month.

]]>
Wed, 15 May 2019 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220286/bushveld-minerals-signs-off-the-first-quarter-on-a-high-220286.html
<![CDATA[RNS press release - Bushveld Vanadium Q1 2019 Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190515070017_14074086/ Wed, 15 May 2019 07:00:17 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190515070017_14074086/ <![CDATA[Media files - Vanchem deal takes Bushveld Minerals to another level - CEO Fortune Mojapelo ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13221/vanchem-deal-takes-bushveld-minerals-to-another-level---ceo-fortune-mojapelo-13221.html Fri, 03 May 2019 08:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13221/vanchem-deal-takes-bushveld-minerals-to-another-level---ceo-fortune-mojapelo-13221.html <![CDATA[News - Bushveld Minerals ups resource after acquisition doubles down on vanadium ]]> https://www.proactiveinvestors.co.uk/companies/news/219484/bushveld-minerals-ups-resource-after-acquisition-doubles-down-on-vanadium-219484.html Bushveld Minerals Ltd (LON:BMN) has had a productive 2019, agreeing a major acquisition, increasing the resource estimate for its Vametco vanadium mine and roaring into profit.

Final results for 2018 on 23 May showed revenues soar to US$192mln from US$3mln as the price of vanadium, a steel additive, shot higher to offset a 3% dip in production to 2,560mln tonnes due to stoppages.

The price of Vanadium surged 149% over the year due to excitement over its application as a potential electrolyte for batteries, coupled with supply issues in China, helping pre-tax profits rocket to US$86.6mln compared to a loss of US$900,000 the year before.

Bushveld also recently unveiled an updated resources and reserves for 74%-owned Vametco in South Africa, with an indicated and inferred resources totalling 1.28Mt vanadium at 0.78%, of which indicated resources account for 965.9kt vanadium compared to 336.6kt previously.

Probable reserves now stand at 279.1kt at 2.02% compared to 137.2kt at 1.96% previously.

Addition continues long-term strategy

Since the year end, Bushveld has doubled down on vanadium with the US$68mln acquistion of Vanchem, which has producing vanadium assets in South Africa. An up-front payment of US$6.8mln will be followed by payments between 31 July and 31 October.

The Vanchem business consists of integrated vanadium extraction and production facilities comprising including a core salt-roast processing plant that produces vanadium trioxide and pentoxide, an electric smelting ferrovanadium converter, located at the Highveld Steel & Vanadium site, for conversion of vanadium trioxide to ferrovanadium, and an alumino-thermic smelting facility, located at Highveld, which converts vanadium pentoxide into ferrovanadium.

The acquisition is consistent with the company’s long-term strategy of acquiring existing, low-cost scalable brownfield operating assets in South Africa to help with the development of its significant and high-grade resource base.

It should allow Bushveld to boost production to 10,000mtV per year, as Vanchem already produces approximately 960mtV on an annualised basis, utilising only one of the three kilns on site.

The acquisition also unlocks the potential supply of the feedstock from the company’s Mokopane vanadium project, significantly reducing the potential capital outlay and accelerating the development schedule.

By transporting a crushed, screened and dry magnetic separated ore 200 kilometres for beneficiation at the Vanchem plant, the capex bill for Mokopane is likely to be cut to US$20mln.

Vanchem processing facilities also provide product diversification as they produce vanadium oxides, ferrovanadium and vanadium chemicals in addition to the Vametco’s Nitrovan offering.

Further growth will come with the refurbishment of the plant and by bringing all three kilns online at an estimated additional cost of US$45mln. This will allow the plant to reach a 4,200mtV/annum steady state.

The total expected outlay of US$133mln in acquisition and ramp up costs is around 45% of the required capital for a standalone development of Mokopane, according to the recent definitive feasibility study.

Accelerated production schedule

The schedule will be accelerated too, as the first Mokopane concentrate may be feeding the Vanchem plant within 12 months of the completion of the deal.

The deal secures a cash generative asset and increases Bushveld’s exposure to a commodity supported by a structural deficit market dynamics.

Broker SP Angel remains a firm buyer of the shares, although it is currently in the process of updating its model and precise forecasts.

Analyst comment

Analysts at Peel Hunt said the Vanchem addition provides for a production growth factor of 1.8 times over the medium term while creating a "significantly more sustainable cash flow profile", with the acquisition offering potential for "further upside".

“We believe that BMN debt of less than US$20m for the purchase gives the company plenty of room for expediated expansion works,” analysts said.

On long-term prices, they said Vanchem's longer-term potential for underlying earnings (EBITDA) is "at least equal to that of 2018".

Marking to market for changes in ferrovanadium prices, this reduces 2019 EBITDA forecast 23% to £57mln but increased the 2020 estimate 10% and made changes closer to 20% for the two years after.

House broker SP Angel reduced their assumed vanadium price to $60 per kg for 2019 and 2020 due to lesser compliance with the new Chinese regulations than expected, though they expect "punishment of Chinese officials to create better compliance this year".

But they said the Vanchem acquisition offsets these lower prices.

]]>
Wed, 01 May 2019 14:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219484/bushveld-minerals-ups-resource-after-acquisition-doubles-down-on-vanadium-219484.html
<![CDATA[News - Bushveld Minerals snaps up vanadium processing plant in South Africa for US$68mln ]]> https://www.proactiveinvestors.co.uk/companies/news/219450/bushveld-minerals-snaps-up-vanadium-processing-plant-in-south-africa-for-us68mln-219450.html Bushveld Minerals Limited (LON: BMN) has doubled its vanadium processing capacity in South Africa with the acquisition of Vanchem for US$68mln.

Fortune Mojapelo, chief executive, said the deal cements Bushveld’s position as a leading global vanadium producer.

“We consider ourselves the ideal buyer for these businesses.” 

Vanchem’s processing plant is 200Km away from Bushveld’s own Mokopane project, which will be the primary source of ore.

Refurbishing the three kilns at the facility will cost an additional US$45mln and when finished will more than double Bushveld’s processing capacity to over 8,000mtV per year.

This takes Bushveld a substantial way towards its target of 10,000 mtV per year, added Mojapelo.

A further US$20mln is required to develop Mokopane.

“This highly strategic transaction combines our existing portfolio of high-grade low-cost primary vanadium resources, including the Mokopane greenfield deposit, with an established production facility,” said Mojapelo. 

“This substantially reduces the capital required to bring the Mokopane Project into production, while also bringing it online in a much shorter timeframe than if we were to construct a new plant. 

Vanchem’s three-kiln configuration gives its production flexibility, while its chemical products also complement the electrolytes for vanadium redox batteries being developed by Bushveld's battery arm.

“This chemical capability will be particularly key as the company grows its exposure to the emerging stationary energy storage industry," said Mojapelo.

]]>
Wed, 01 May 2019 08:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219450/bushveld-minerals-snaps-up-vanadium-processing-plant-in-south-africa-for-us68mln-219450.html
<![CDATA[RNS press release - Acquisition of Vanchem Plant ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190501070013_14058451/ Wed, 01 May 2019 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190501070013_14058451/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190416110535_14043012/ Tue, 16 Apr 2019 11:05:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190416110535_14043012/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190416110029_14043003/ Tue, 16 Apr 2019 11:00:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190416110029_14043003/ <![CDATA[News - Bushveld Minerals' Lemur arm looks to financial close at Imaloto in Madagascar ]]> https://www.proactiveinvestors.co.uk/companies/news/218302/bushveld-minerals--lemur-arm-looks-to-financial-close-at-imaloto-in-madagascar-218302.html Bushveld Minerals PLC (LON:BMN) subsidiary, Lemur Holdings, has arranged a US$1mln loan facility with the Development Bank of Southern Africa for finalising details at its Imaloto thermal power station project in Madagascar.

Negotiations with potential lenders are progressing, said Lemur while DBSA’s loan will tide it over until financial close - the point when it has arranged funding to take the project through to commissioning.

Lemur has already completed a bankable feasibility study for the power side of the project and is working on optimising the underground mining plan.

Talks are ongoing over the engineering, procurement and construction (EPC) contract for the power station while fieldwork for the social and environmental study is scheduled to complete this quarter.

DBSA participation in the development of the Imaloto Project highlights the economic potential of our project as well as the developmental benefits it offers to southwestern Madagascar, said Prince Nyati, Lemur’s chief executive.

]]>
Wed, 10 Apr 2019 08:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218302/bushveld-minerals--lemur-arm-looks-to-financial-close-at-imaloto-in-madagascar-218302.html
<![CDATA[RNS press release - Lemur Q1 Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190410070005_14035148/ Wed, 10 Apr 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190410070005_14035148/ <![CDATA[News - Bushveld Minerals initiated with a ‘buy’ at Peel Hunt as broker touts “solid near-term growth plans” and upside potential ]]> https://www.proactiveinvestors.co.uk/companies/news/218233/bushveld-minerals-initiated-with-a-buy-at-peel-hunt-as-broker-touts-solid-near-term-growth-plans-and-upside-potential-218233.html Bushveld Minerals Limited (LON:BMN) has been initiated with a ‘buy’ rating and a 45p price target by analysts at Peel Hunt as the broker touted “solid near-term growth plans” as well as further upside to the shares.

In a note, analysts said a 3-phase growth plan at the company’s Vametco vanadium mine and processing plant in South Africa, which was currently in phase 2, would be “the first step” in better monetising its resources base and predicted the project producing 5,000 tonnes per annum by 2022.

READ: Bushveld Minerals to supply Vametco mine with power from vanadium battery mini-grid

Vanadium is a chemical element that is often added to steel in small amounts in order to increase its strength. These alloys containing vanadium are commonly used to make tools as well as surgical instruments and knives.

Peel Hunt also believed that as resource updates from the Vametco mine and Bushveld’s Brits vanadium project, located nearby, began to be delivered in the second quarter of 2019, the company could use its cash balance to acquire more downstream processing capacity to increase its share of the vanadium market and “even further monetise its growing resource base” in the medium-term.

VFRB potential

Aside from the vanadium projects, the broker said Bushveld Energy, the company’s Africa-focused energy storage and component manufacturer, offered “longer-term upside” as it aimed to cover more of the vanadium supply chain by supplying vanadium redox-flow batteries (VRFBs), which are commonly used to store energy for power plants and electrical grids.

Bushveld is already moving to expand the use of VFRBs, having announced the development of a 1-megawatt mini-grid to supply its Vametco mine in late March.

Bushveld Energy has also recently completed a pilot scheme with South African electricity group Eskom for a VFRB system.

Eskom alone is expected to install 1,440 megawatt-hours (Mwh) of battery storage capacity by 2022 to help ease the problem of power shortages in South Africa, while a further 1bnMwh of opportunities have been identified across Africa.

Current share price at “base level”

Peel Hunt said the group’s current share price of around 33p, was a “base level” from which investors should look to build “longer-term positions”.

“We expect multiple developments in [Bushveld’s] resource base and its three-phase growth plans in the coming quarters”.

In late-morning trading on Tuesday, Bushveld’s shares were down 3.8% at 33.2p, a 36% discount to Peel Hunt’s target price.

]]>
Tue, 09 Apr 2019 11:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218233/bushveld-minerals-initiated-with-a-buy-at-peel-hunt-as-broker-touts-solid-near-term-growth-plans-and-upside-potential-218233.html
<![CDATA[RNS press release - GM appointed at Vametco and Group Head of Finance ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190405084606_14030536/ Fri, 05 Apr 2019 08:46:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190405084606_14030536/ <![CDATA[News - Bushveld Minerals to supply Vametco mine with power from vanadium battery mini-grid ]]> https://www.proactiveinvestors.co.uk/companies/news/217313/bushveld-minerals-to-supply-vametco-mine-with-power-from-vanadium-battery-mini-grid-217313.html Bushveld Minerals (LON:BMN) is to expand vanadium battery development in South Africa to a 1Mw mini-grid that will supply its nearby Vametco mine.

The mini-grid will combine 1Mwh of solar photovoltaic generation and 4Mwh energy storage using vanadium redox battery (VRFB) technology and supply power directly into Vametco’s internal distribution network.

Bushveld has also started to process vanadium for use as an electrolyte in the batteries.

Subsidiary Bushveld Energy has also just successfully completed a pilot with South African electricity group Eskom for a redox battery system.

The capacity of the battery is now being expanded to 450kWh thanks to an upgrade from its manufacturer, US firm Unienergy.

Easing power shortages

Eskom alone is expected to install 1.4bnMwh of battery storage capacity by 2022 to help ease the problem of power shortages in South Africa, while a further 1bnMwh of opportunities have been identified across Africa.

Mikhail Nikomarov, Bushveld Energy’s chief executive, said that having completed the first battery storage project with Eskom, it is ready for the more complex solar/VFRB hybrid.

"The mini-grid project will demonstrate both the superior technical merits of long duration VRFB systems when paired with renewable energy while providing a commercial return to its investors.

"More urgently, with the current load shedding [black and brown-outs] in South Africa, this project is a first step in mitigating the single greatest risk to production faced by the mining sector."

Bushveld added that the mini-grid will supply at most 8% of the mine's energy consumption at any one time.

]]>
Wed, 27 Mar 2019 08:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217313/bushveld-minerals-to-supply-vametco-mine-with-power-from-vanadium-battery-mini-grid-217313.html
<![CDATA[RNS press release - Bushveld Energy Q4 & Subsequent Events Ops Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190327070005_14016902/ Wed, 27 Mar 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190327070005_14016902/ <![CDATA[News - Bushveld Minerals pushing on towards maiden vanadium resource at Brits ]]> https://www.proactiveinvestors.co.uk/companies/news/217093/bushveld-minerals-pushing-on-towards-maiden-vanadium-resource-at-brits-217093.html Exploration results at the Brits vanadium project, which lies adjacent to the Vametco mine currently being operated by Bushveld Minerals Limited (LON:BMN), have indicated that an eastward expansion of mineralisation is likely.

The aim of the current exploration programme is to provide Bushveld with enough confidence to deliver a maiden mineral resource for Brits before the end of the second quarter of this year.

WATCH: Bushveld Minerals 'still very undervalued' as earnings soar

The sample analysis is derived from 10 boreholes that show that mineralisation at Brits is consistent with the main Vametco orebody in terms of grade and magnetite concentrate.

The weighted average vanadium pentoxide (V2O5) grade for rock is 0.66%, while the weighted average V2O5 grade in magnetite concentrate is 1.66%.

The positive results and high grades demonstrate the deposit's ability to be a future source of raw material for the Vametco plant and future brownfield processing plants.

"We are pleased with the drilling results received to date from our exploration work at Brits,” said Bushveld chief executive Fortune Mojapelo.

“Although, the average grade of 1.66% V2O5 in magnetite concentrate is slightly lower than Vametco, they are still among the highest in the world. The results confirm the continuation of the orebody being mined at Vametco and provide the potential for additional feed tonnages for the Vametco plant and future brownfield processing plants.

 

 

]]>
Mon, 25 Mar 2019 08:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217093/bushveld-minerals-pushing-on-towards-maiden-vanadium-resource-at-brits-217093.html
<![CDATA[RNS press release - Drilling Results at Brits Vanadium Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190322155809_14013022/ Fri, 22 Mar 2019 15:58:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190322155809_14013022/ <![CDATA[RNS press release - Updated Corporate Presentations ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190307090154_13993836/ Thu, 07 Mar 2019 09:01:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190307090154_13993836/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190220164059_13976217/ Wed, 20 Feb 2019 16:40:59 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190220164059_13976217/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190220163529_13976207/ Wed, 20 Feb 2019 16:35:29 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190220163529_13976207/ <![CDATA[News - Bushveld Minerals completes first section of bankable feasibility study for Imaloto power station ]]> https://www.proactiveinvestors.co.uk/companies/news/214534/bushveld-minerals-completes-first-section-of-bankable-feasibility-study-for-imaloto-power-station-214534.html The end of last year was a busy period for Lemur Holdings – Bushveld Minerals Limited’s (LON:BMN) coal and energy subsidiary which is looking to build a coal-fired power station in Madagascar.

During the final quarter of 2018, Lemur completed the bankable feasibility study for the power aspect of Imaloto, which found that the project is feasible.

READ: Bushveld sees interest from lenders in Imaloto

The second part of the BFS, which is looking at the coal mine portion of the project, has been completed and a review of the final draft is being carried out.

“The completion and review of the Bankable Feasibility Study for the power component of the Imaloto Project represents a key milestone achieved as we press ahead in ensuring Lemur delivers on the potential of the Imaloto Project,” said Lemur chief executive of Lemur, Prince Nyati.

“The project's bankable feasibility study shows that the Imaloto Project is feasible and can deliver significant economic returns.

“More importantly, Imaloto is the most advanced Independent Power Project baseload project in Madagascar. It will have transformational developmental benefits for the country's southwest region, where the government has already implemented significant road infrastructure expansion.”

Attention turns to financing and EPC contracts

With the BFS now largely complete, Lemur is turning its attention to securing engineering, procurement and construction (EPC) contracts and is talking to solicitors who can draft and negotiate the agreements.

Lemur added that is now talking to solicitors who can draft and negotiate engineering, procurement and construction (EPC) contracts for the project.

Continued progress is also being made on the social and environmental impact assessment (SEIA) study, with final output expected in the second quarter of this year, once the wet season studies have been completed.

For the past year, Lemur has been in discussions with a “number of financial institutions” which might be interested in financing Imaloto.

One of these parties has now completed its due diligence and once the rest have, too, they will progress to finalise a term sheet on a syndicated project financing basis.

Shares rose 1.2% to 34.7p on Wednesday morning.

]]>
Wed, 13 Feb 2019 10:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214534/bushveld-minerals-completes-first-section-of-bankable-feasibility-study-for-imaloto-power-station-214534.html
<![CDATA[RNS press release - Lemur Q4 Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190213083047_13967756/ Wed, 13 Feb 2019 08:30:47 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190213083047_13967756/ <![CDATA[RNS press release - Updated Corporate Presentations ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190204135002_13957444/ Mon, 04 Feb 2019 13:50:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190204135002_13957444/ <![CDATA[News - Profits surge at Bushveld Minerals’ Vametco vanadium mine in South Africa ]]> https://www.proactiveinvestors.co.uk/companies/news/213594/profits-surge-at-bushveld-minerals-vametco-vanadium-mine-in-south-africa-213594.html Profits from Bushveld Minerals Limited’s (LON:BMN) Vametco vanadium mine in South Africa more than quadrupled last year as prices of the silvery-grey metal surged.

Vanadium prices averaged US$81.20 per kilogram (kg) in 2018 – more than twice what it was a year earlier, as demand for the metal, which can be used in batteries to store energy, surged.

Vametco produced 2,560 metric tonnes – just over 2.5mln kg – of vanadium in 2018, slightly below what was produced in 2017 due to unplanned repair work at the refractory and cooler girth sections of the plant in the fourth quarter.

READ: Bushveld says discussions with potential electrolyte customers ongoing

The higher prices more than offset the drop-off in production, though, as sales rose 143% to US$192.2mln (2017: US$79.2mln) while underlying earnings (EBITDA) climbed almost 350% to US$107.5mln (2017: US$23.9mln).

In a bid to improve its operational performance, Bushveld hired an external consultant to carry out a detailed review of the Vametco plant and it has already begun to act on some of the recommendations.

As a result, production should tick higher in 2019, and more detailed guidance will be given in the first quarter update in a couple of months’ time.

Vametco currently has a 142.4mln tonne resource, but results from a recently-completed 13-drill hole programme have provided “evidence of additional resources and reserves” and an updated resource estimate will be published later this quarter.

Performance to pick up in 2019

“The strong vanadium market ensured that Vametco generated healthy cash flows, even while its operational performance fell below expectations,” said chief executive Fortune Mojapelo.

“We are benefiting from the high vanadium prices, nevertheless, we are mindful of the imperative to drive Vametco towards operational excellence and realise its true potential.”

He added: “The transformation programme we have initiated at Vametco is designed to do just that and we are confident to see an improved production performance during 2019.”

Brits maiden resource estimate due in Q2

Elsewhere, at Bushveld’s Brits vanadium project, which is a strike extension of the Vametco mine, assay results from phase 1 of the exploration programme there have come back and are all above or in-line with management’s expectations.

Results of the phase 2 drill holes are set to be received in the coming weeks, and Bushveld hopes to publish a maiden mineral resource estimate in the second quarter.

“At the Brits deposit, the recent exploration results continue to prove the deposit as a future source of additional production tonnages,” added Mojapelo.

Bushveld shares fell 6.8% to 38p in early deals on Wednesday.

]]>
Wed, 30 Jan 2019 08:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213594/profits-surge-at-bushveld-minerals-vametco-vanadium-mine-in-south-africa-213594.html
<![CDATA[RNS press release - Bushveld Vanadium Q4 Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190130070004_13951084/ Wed, 30 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190130070004_13951084/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190125162249_13947713/ Fri, 25 Jan 2019 16:22:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20190125162249_13947713/ <![CDATA[RNS press release - Appointment of Joint Broker ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181213104950_13902692/ Thu, 13 Dec 2018 10:49:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181213104950_13902692/ <![CDATA[News - Bushveld Minerals receives public censure and fine for AIM rules breach ]]> https://www.proactiveinvestors.co.uk/companies/news/210759/bushveld-minerals-receives-public-censure-and-fine-for-aim-rules-breach-210759.html Bushveld Minerals PLC (LON:BMN) has been given a severe rap over the knuckles by AIM’s disciplinary committee.

The vanadium miner was fined £700,000, reduced to £490,000, and received a public censure for breaches of two of AIM’s listing rules.

READ: Bushveld Minerals says discussions with potential electrolyte customers ongoing with Bushveld Energy expecting to supply samples in coming months

In April 2016, Bushveld paid a US$500,000mln fee for exclusivity prior to its acquisition of Vametco without informing its NOMAD.

The payment also required an immediate announcement and suspension of the shares, something that did not happen for a further two weeks.

Fortune Mojapelo, Bushveld’s chief executive, said: "The company has expressed regret in relation to the breaches arising from these matters and reiterates that it takes its AIM Rules obligations seriously and has put in place measures to ensure that the events giving rise to these breaches are not repeated in the future.

“Today's settlement allows Bushveld Minerals to move forward.

“Since April 2016, Bushveld Minerals has transformed from a junior mining exploration company with a market capitalisation of under £20 million to a primary vanadium producer with a market capitalisation in excess of £450 million."

 

]]>
Fri, 07 Dec 2018 08:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210759/bushveld-minerals-receives-public-censure-and-fine-for-aim-rules-breach-210759.html
<![CDATA[RNS press release - Response to AIM Disciplinary Notice ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181207073004_13895483/ Fri, 07 Dec 2018 07:30:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181207073004_13895483/ <![CDATA[News - Bushveld Minerals says discussions with potential electrolyte customers ongoing with Bushveld Energy expecting to supply samples in coming months ]]> https://www.proactiveinvestors.co.uk/companies/news/210194/bushveld-minerals-says-discussions-with-potential-electrolyte-customers-ongoing-with-bushveld-energy-expecting-to-supply-samples-in-coming-months-210194.html Bushveld Minerals Limited (LON:BMN) has revealed that discussions with potential electrolyte customers are ongoing with its 84%-owned energy subsidiary, Bushveld Energy Limited expecting to supply samples in the coming months.

In an operational update on Bushveld Energy, the AIM-listed integrated primary vanadium producer said the Environmental Impact Assessment for its East London Industrial Development Zone electrolyte production facility has commenced and is expected to be completed in the first half of 2019.

READ: Bushveld Minerals shares jump as SP Angel maintains 'buy' rating and hikes target price

It added that preparatory work for the completion of battery commissioning for the vanadium redox flow battery (VRFB) project with South Africa’s national utility Eskom recommenced at the site and is expected to complete in December 2018.

The firm also noted that Bushveld Energy and UniEnergy Technologies were awarded a grant by the United States Trade and Development Agency in support of the Eskom project and energy storage industry in South Africa;

Mikhail Nikomarov, CEO of Bushveld Energy, commented: "The third quarter of this year and events following immediately afterwards, have proven beyond doubt that the market for battery storage in both South Africa and Africa overall is significant and immediate.”

He added; “Bushveld Energy has long maintained the attractiveness of this market, especially for the long-duration and high-volume daily utilisation applications that are ideal for VRFBs.

“The knowledge gained by our team in deploying a system with Eskom and designing and building an electrolyte facility will continue to give Bushveld Energy a competitive advantage in supplying into this growing market.”

]]>
Thu, 29 Nov 2018 08:19:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210194/bushveld-minerals-says-discussions-with-potential-electrolyte-customers-ongoing-with-bushveld-energy-expecting-to-supply-samples-in-coming-months-210194.html
<![CDATA[RNS press release - Bushveld Energy Q3 Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181129075936_13884861/ Thu, 29 Nov 2018 07:59:36 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181129075936_13884861/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181116101346_13870069/ Fri, 16 Nov 2018 10:13:46 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181116101346_13870069/ <![CDATA[RNS press release - Invitation to webinar on Energy Storage 101 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181112131640_13863673/ Mon, 12 Nov 2018 13:16:40 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181112131640_13863673/ <![CDATA[RNS press release - Exercise of Warrants and Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181112130420_13863650/ Mon, 12 Nov 2018 13:04:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3921/LSE20181112130420_13863650/