Bushveld Minerals (LON:BMN) updated on the previously announced possible vanadium acquisition by Lemur Resources (ASX:LMR).
As reported in June, Lemur, of which Bushveld owns 63.6%, is holding discussions over a possible acquisition of a project in South Africa and these are progressing.
Lemur had loaned the South African firm, with which it is having talks, A$213,000 to provide immediate working capital and has now agreed to loan it a further AS164,000 approximately, it emerged.
This is to provide additional working capital on the same terms as the original loan.
If the acquisition goes ahead, the loan will be offset against any agreed purchase price, said Lemur, but if terms are not agreed the South African firm will have 60 days to pay back the loan and interest.
The project consists of three greenfield sites prospective for vanadium.