logo-loader
viewBushveld Minerals Ltd

Bushveld Minerals pleased with ‘strong performance’ at Vametco vanadium operation

The AIM-listed firm said Vametco produced 731 metric tonnes of vanadium (mtV) in the form of Nitorvan, an 35.5% increase from the fourth quarter 2017, supported by the completion of phase one of the expansion project

Bushveld
Bushveld said phase two of the expansion project at Vametco is progressing and, once complete, will increase production capacity to 3,750 mtV

Bushveld Minerals Limited (LON:BMN) has said it is pleased with the ‘strong performance’ at its Vametco vanadium operation during the first quarter of 2018, as the first phase of the expansion project was completed.  

In an operational update, the AIM-listed firm said Vametco produced 731 metric tonnes of vanadium (mtV) in the form of Nitorvan, an 35.5% increase from the fourth quarter 2017, supported by the completion of phase one of the expansion project.

READ: Bushveld Minerals encouraged by progress of Bushveld Energy subsidiary

The company said the Metal Bulletin vanadium price based on the average mid-price for the quarter increased by 58.1% to US$61.8 per kilogram of vanadium.

The group said phase two of the expansion project ay Vametco is progressing and, once complete, will increase production capacity to 3,750 mtV.

Fortune Mojapelo, CEO of Bushveld Minerals, said:” Plans for commencing Phase three are progressing to schedule. The results of the Vametco expansion project to position us to achieve production capacity of 5,000 mtV by 2019 are coming through positively, and our previously stated 2018 guidance remains unchanged.”

He added: “The plans being implemented will undoubtedly further enhance our competitive position in this structurally challenged market whilst our integrated platform will allow us to develop downstream operation and product diversification."

Bushveld said it has also commenced an exploration programme at the Brits Project, which has shown positive drilling results.

Quick facts: Bushveld Minerals Ltd

Price: 14.625 GBX

LSE:BMN
Market: LSE
Market Cap: £168.62 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Bushveld Minerals Ltd named herein, including the promotion by the Company of Bushveld Minerals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Bushveld Minerals CEO says they're ramping up to full production and are in...

Bushveld Minerals (LON:BMN) CEO Fortune Mojapelo tells Proactive London's Andrew Scott he's comfortable they can still meet their 2024 target of 8,400 tonnes of production despite some of the recent uncertainty around the pandemic but says they'll have much more clarity on that once their 2020...

3 weeks, 5 days ago

2 min read