Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
01 October 2019
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Finance Director Appointed
Bushveld Minerals Limited (AIM:BMN), the AIM quoted, integrated primary vanadium producer, with ownership of high grade vanadium assets in South Africa, is pleased to announce the appointment to the board of Directors of Bushveld Minerals of Tanyaradzwa ("Tanya") Chikanza as Finance Director of Bushveld Minerals, effective today.
Tanya, a qualified Chartered Accountant, has extensive experience in managing publicly listed companies' relationships with financial markets. Tanya brings a global and market facing perspective to her role at Bushveld Minerals through her 30 years in international equity and debt capital markets, strategy, corporate finance and audit.
Tanya joins the Company after nine years at Lonmin Plc, the dual listed (London Stock Exchange and JSE Securities Exchange) platinum group metals miner recently acquired by Sibanye-Stillwater. As Executive Vice President: Strategy, Investor Relations and Communication, Tanya was a key member of the Lonmin Executive Committee, where she led and participated in the raising of circa US$1.4 billion in equity, and arrangement of significant debt facilities. In addition, she oversaw the Company's acquisition by Sibanye-Stillwater.
Prior to joining Lonmin, Tanya was Executive Director at Smith's Corporate Advisory in London and Vice-President Corporate Finance at JP Morgan Cazenove, in London. She started her professional career as an auditor with Coopers and Lybrand in Harare and is a member of the Institute of Chartered Accountants of Zimbabwe.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We are delighted to welcome a person of Tanya's calibre in the Finance Director position. She has a deep understanding of the South African mining industry; is versed in the intricacies of various financial markets, and has experience in engaging debt and equity investors. She joins at a very important time in the Company's evolution and will play a significant role as we enter the next stage of growth and development. We look forward to working with her as we build Bushveld Minerals into the leading, innovative company we aspire to be."
Tanyaradzwa (Tanya) Tsitsi Wendy Mamie Chikanza (née Matimba), aged 54, is or has been a director of the following companies over the past five years:
Past Directorships (<5 years)
Eastern Platinum Limited (a subsidiary of Lonmin Plc)
Western Platinum Limited (a subsidiary of Lonmin Plc)
PetroZim Line (Private) Limited (a subsidiary of Lonmin Plc)
There are no other matters to be disclosed in relation to Schedule 2, paragraph (g) of the AIM Rules.
Bushveld Minerals is a low cost, integrated, primary vanadium producer, with ownership of high grade vanadium assets.
The Company's flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; the Mokopane Vanadium Project and the Brits Vanadium Project.
Bushveld's vision is to become a significant, low cost, integrated primary vanadium producer through owning high grade assets. This incorporates development and promotion of the role of vanadium in the growing global energy storage market through Bushveld Energy, the Company's energy storage solutions provider. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries.
While the Company's focus is on vanadium operations and the development and promotion of VRFBs, it has additional investments in coal, power and tin.
The Company's approach to project development recognises that, whilst attractive project economics are imperative, they are insufficient to secure capital to bring them to account. A clear path to production within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. This philosophy is core to the Company's strategy in developing projects.
Vametco is located near Brits on the Western Limb of the Bushveld Complex. The integrated operation comprises a vanadium ore mine and a processing plant that produces NitrovanTM, a trademark product sold in major steel markets across the world. The mine lies adjacent to the Brits Vanadium Project, which will in future serve as an alternative source of near surface run of mine (ROM) ore feed to the Vametco plant.
The Vametco mining operation uses open pit bench mining methods to mine a well-defined orebody. The deposit is continuous with limited faulting and dips in a northerly direction at approximately 19 degrees.
ROM ore is fed into a primary, secondary and tertiary crushing circuit, followed by milling and magnetic separation to produce magnetite concentrates. The magnetite concentrates are fed into the extraction process which includes the kiln for roasting followed by leaching and precipitation. Thereafter the precipitated vanadium as ammonium metavanadate is converted to modified vanadium oxide (MVO) in rotary calciners. MVO is fed into the mixplant and finally into the shaft furnaces to produce NitrovanTM.
About Bushveld Energy Limited
Bushveld Energy is a leading energy storage solutions provider, focusing on the African market. Bushveld Energy recognises that electricity in Africa intersects paramount potential for social transformation with an immense commercial opportunity.
Launched in 2016, Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries. Its near term strategy is to deploy several VRFB systems as part of its longer term vision to become a significant electricity storage provider in Africa by 2020, meeting the demand for utility scale energy storage in Africa by leveraging South Africa-mined and beneficiated vanadium.
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