“The timing of the completion could not have been better, occurring during a time of significant increases in the vanadium price contributing to a marked improvement in Vametco's profitability and cash generation,” said Fortune Mojapelo, chief executive.
Bushveld is now looking to expand Vametco through brownfield opportunities close to the company's deposits.
The company also has a vanadium marketing division that recently announced the first deployment of a vanadium redox flow battery (VRFB) at the testing centre of the South African utility, Eskom.
Elsewhere, coal subsidiary Lemur has just signed a Power Purchase Agreement for its coal-to-power project, while the tin businesses AfriTin Mining recently listed on AIM.
“This has been an incredibly busy period for the company, and one that has seen us take some very significant steps in delivering our strategy, “ Mojapelo added.
Losses for the half year to August were £6.69mln.