Bushveld Vametco Alloys Limited, the South African vanadium mining operation jointly owned by Bushveld Minerals Limited (LON:BMN) and Yellow Dragon Holdings Limited, has delivered a solid set of third quarter results.
"Vametco had a solid performance in the September 2017 quarter, supported by a rising vanadium price, which traded at an average of US$39.4 per kilogramme,” said Bushveld Minerals chief executive Fortune Mojapelo.
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“This enabled revenue to increase by 29% and EBITDA by 69%, compared to the June 2017 quarter. The first phase of the Vametco multi-phased expansion project was achieved in the quarter, during which Vametco reached an annual production run rate of 3,035 metric tonnes of vanadium. The completion of the expansion project will enhance Vametco's existing competitive position in a structurally deficit market."