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Bushveld Minerals receives public censure and fine for AIM rules breach

The vanadium miner was fined £700,000, reduced to £490,000, and received a public censure for breaches of two of AIM’s listing rules
Gavel
Vametco has been a brilliant acquisition as vanadium prices have soared

Bushveld Minerals PLC (LON:BMN) has been given a severe rap over the knuckles by AIM’s disciplinary committee.

The vanadium miner was fined £700,000, reduced to £490,000, and received a public censure for breaches of two of AIM’s listing rules.

READ: Bushveld Minerals says discussions with potential electrolyte customers ongoing with Bushveld Energy expecting to supply samples in coming months

In April 2016, Bushveld paid a US$500,000mln fee for exclusivity prior to its acquisition of Vametco without informing its NOMAD.

The payment also required an immediate announcement and suspension of the shares, something that did not happen for a further two weeks.

Fortune Mojapelo, Bushveld’s chief executive, said: "The company has expressed regret in relation to the breaches arising from these matters and reiterates that it takes its AIM Rules obligations seriously and has put in place measures to ensure that the events giving rise to these breaches are not repeated in the future.

“Today's settlement allows Bushveld Minerals to move forward.

“Since April 2016, Bushveld Minerals has transformed from a junior mining exploration company with a market capitalisation of under £20 million to a primary vanadium producer with a market capitalisation in excess of £450 million."

 

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