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Mokopane Mining Right Application Granted

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RNS Number : 6083Q
Bushveld Minerals Limited
21 October 2019
 

Market Abuse Regulation (MAR) Disclosure

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.

 

 

21 October 2019

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

 Mokopane Mining Right Application Granted

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 that the Department of Mineral Resources and Energy ("DMRE") has granted a mining right to Pamish Investments No. 39 (Pty) Ltd ("Pamish"), in respect of the five farms Vliegekraal 783 LR, Vogelstruisfontein 765 LR, Vriesland 781 LR,  Schoonoord 786 LR and Bellevue 808 LR situated in the District of Mogalakwena, Limpopo, which make up the Mokopane Project.  

 

The Company will now finalise the financial provision requirements and concurrently implement an agreed revised shareholding structure, in accordance with Mining Charter III, that will see five per cent of the equity in Pamish sold by the existing shareholders (Bushveld Minerals and Izingwe Capital Limited) to the Bakenberg Community Trust, a trust established for the benefit of the local communities. The five per cent is to be vendor-financed and repaid from future proceeds from the mine. Bushveld Minerals' interest in the Mokopane Project will accordingly reduce from 64 per cent to 60.8 per cent, while Izingwe's shareholding reduces from 36 per cent to 34.2 per cent. Pamish has further committed to allocate an additional five per cent to an Employee Share Ownership Scheme once the mine is operational, which will result in Bushveld Minerals ultimately holding 57.6 per cent and Izingwe 32.4 per cent. The mining right will be executed and issued by the regional office of the DMR, on a date still to be advised.

 

Mokopane is one of the world's largest primary vanadium resources, with a 298 Mt JORC compliant resource and a weighted average V2O5 grade of 1.75 per cent in magnetite (1.41 per cent in-situ). The Mokopane deposit is a layered orebody along a 5.5 km north-south strike at a dip of between 18 degrees and 22 degrees west. The project comprises three adjacent and parallel magnetite layers namely the Main Magnetite Layer ("MML"), the MML Hanging Wall ("MML-HW") layer and the AB Zone. 298 Mt (JORC) resources and reserves run across three parallel overlying magnetite layers with grades ranging from 1.6 per cent to over 2 per cent V2O5 as follows:

 

§ MML: 52 Mt @ 1.48 per cent V2O5 (1.75 per cent V2O5 in magnetite);

§ MML-HW & Parting: 233 Mt @ 0.8 per cent V2O5 (1.5-1.6 per cent V2O5 in magnetite); and

§ AB Zone: 12 Mt @ 0.7 per cent V2O5 (greater than 2 per cent V2O5 in magnetite).

 

The mining right allows for the extraction of several other minerals over the entire Mokopane project resource area, including, titanium, phosphate, platinum group metals, gold, cobalt, copper, nickel and chrome.

 

As previously announced, MSA has been appointed by Bushveld Minerals to undertake the definitive feasibility study ("DFS") to mine the MML and provide a resources and reserves assessment. The DFS will be focused on Mokopane being the primary feedstock supplier to Vanchem and does not include the development of Mokopane into an integrated mine and processing plant. The Company has appointed an owner's team to oversee the DFS. The DFS is expected to be completed during the second half of 2020.

 

Mokopane is positioned to become a primary source of feedstock for Vanchem, creating a fully integrated vanadium producing business in a shorter time frame and at a lower cost, as opposed to a standalone operation. The expedited Mokopane development, as a possible primary feedstock supply to Vanchem, does not remove the optionality of supplying ore to other primary or secondary producers worldwide, and/or to develop Mokopane into an integrated mine and processing plant.

 

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented: 

"The granting of a mining right application is a significant milestone in the development of the Mokopane Vanadium Project. It comes at an important time as the Company executes its growth strategy. The Mokopane Project is one of the best and most developed greenfield primary vanadium projects that is well positioned to support the Company's growth strategy as primary supply to Vanchem, potential supply of ore to other third party processing facilities, all the while retaining the option to develop downstream primary processing capacity as the market develops and grows.

The Company will be executing, and the Department of Mineral Resources and Energy will be issuing the mining right in due course.

"I wish to thank everyone who has been involved in securing this important milestone which brings the Mokopane project much closer to production with significant job creation and overall economic benefits for the company and all its associated stakeholders."

 

 

 

Enquiries: [email protected]

Bushveld Minerals

 

+27 (0) 11 268 6555

Fortune Mojapelo, Chief Executive Officer

 

 

Chika Edeh, Head of Investor Relations

 

 

 

 

 

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

+44 (0) 20 3470 0470

Ewan Leggat / Richard Morrison

 

 

Richard Parlons

 

 

 

 

 

BMO Capital Markets Limited

Joint Broker

+44 (0) 20 7236 1010

Jeffrey Couch / Tom Rider

Michael Rechsteiner / Neil Elliot

 

 

 

 

 

Peel Hunt LLP

Joint Broker

+44 (0) 20 7418 8900

Ross Allister/ James Bavister

 

 

David McKeown

 

 

 

 

 

Tavistock

Financial PR

 

Charles Vivian / Gareth Tredway

 

+44 (0) 207 920 3150

 

 

 

Brunswick

Financial PR (South Africa)

 

Miyelani Shikwambana

 

+27 (0) 11 502 7300

 

 

ABOUT BUSHVELD MINERALS LIMITED

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.

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com.

Competent Person's Statement

In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information contained within the announcement has been reviewed and approved by Professor Richard Viljoen. Professor Richard Viljoen has more than 30 years' experience in the mining industry, including 15 years as chief consulting geologist for Gold Fields of South Africa. Notable past experience includes the development of significant mines including Northam Platinum and the Leeudoorn and Tarkwa gold mines, identifying and developing a significant platinum deposit in the Bushveld Complex for Akanani Resources as well as acting as consultant for exploration and mining companies in Canada, Mexico, Venezuela, India and China in the fields of base metals, gold and platinum. Professor Richard Viljoen has extensive experience relevant to the div of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Professor Richard Viljoen consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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