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Bushveld Minerals shares jump again as it reveals plans for Imalato project

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Shares in Bushveld Minerals (LON:BMN) gained ground again as 54%-owned subsidiary, Aussie listed Lemur Resources (ASX:LMR), outlined its strategic plans.

For its Imaloto coal project in Madagascar, Lemur aims to secure an independent power plant concession, to begin the environmental impact assessment, and to find a joint venture or strategic partner to assist with the development.

It also plans to use its A$16.4 million cash resource to secure one or more mining assets in Africa with a focus on those with either near term production potential or with the chance of a significant resource.

Imaloto has a JORC Resource of 135.7 million tonnes of which 68% is in the high confidence measured category.

It includes a scoping study showing production for domestic and export markets of up to 1.5 million tonnes per year, low Phase 1 capital expenditure of US$12 million, a net present value of US$36 million and a 19 year life of mine.

The project is near the existing port of Tulear and adjacent to proposed Soalara Port, where infrastructure planning is underway to provide a mineral bulk handling export facility.

Bushveld shares rose nearly 9% in early deals to 5 pence each, while yesterday (Wednesday) they surged over 20% after the company unveiled plans to accelerate a potentially world-class vanadium resource at its iron ore project in South Africa.

A new platform, to be called Bushveld Vanadium, will focus on exploiting the resource from the MML (main magnetite layer) part of the multi-commodity deposit in Limpopo province, the firm told investors.

It means Bushveld shares are now starting to recover from a slump in early October in which they lost around half their value as a significant shareholder sold down its stake.

Quick facts: Bushveld Minerals Ltd

Price: 11.4333 GBX

LSE:BMN
Market: LSE
Market Cap: £135.06 m
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on 14/8/20

2 min read