During calendar 2017 ferrovanadium prices averaged US$33 per KgV. This allowed Bushveld Minerals Ltd (LON:BMN) and its subsidiary Bushveld Vametco to turn in what chief executive Fortune Mojapelo called “a solid performance.”
Revenues in 2017 rose by 44%as against the 2016 figure, with earnings before interest and other accounting charges up by more than 550%.
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Mojapelo also spelled out how the higher pricing environment had allowed Bushveld to conduct additional maintenance at the plan in preparation for 2018.
This promises to be a big year, as a second phase of expansion is now underway.
Following completion of the first phase of expansion, Vametco reached an annual production run rate of 3,035 metric tonnes of vanadium (mtV).
The second phase will increase production to 3,750 mtV by June 2018 and to over 5,000 mtV by 2019.