Bushveld Minerals Limited (LON:BMN) said it has successfully completed the second phase of the three-phased expansion project at Bushveld Vametco, on time and within budget.
The AIM-listed firm said this will allow the company to take advantage of the high vanadium price which has persisted in the first half of 2018.
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The group added that the second phase of the expansion project increases the annual production capacity at Vametco from the 3,035 million tonnes of Vanadium (mtV) achieved in Phase One, to 3,750 mtV, with a capex of US$2.5mln.
Fortune Mojapelo, CEO of Bushveld Minerals commented: "The completion of Phase Two of the expansion plan is an important milestone on the Company's journey to a 5,000 mtV per annum production capacity and beyond.
“The fact that this has been done in time and within budget is testament to the discipline of the management team which we applaud. We look forward to the commencement of phase three as we seek to maximise throughput of this flagship asset."