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Bushveld Minerals focused on vanadium studies

Last updated: 07:42 18 Nov 2014 GMT, First published: 08:42 18 Nov 2014 GMT

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Bushveld Minerals (LON:BMN) hopes to complete a pre-feasibility study on its South African vanadium project by the first half of next year and go straight into a definitive study.

A mining permit application is also expected to be filed in the first three months of next year, Bushveld added.

A scoping study in July indicated a pre-tax net present value (NPV) of US$562mln, based on US$262mln of capital expenditure for 10,370 tonnes per annum (tpa) V2O5 flake production from a 1mln tpa run-of-mine operation.

Indicated operating costs of US$2.72/lb V2O5 would position the project among the lowest cost vanadium producers globally, Bushveld

The company recently raised US$2mln, which will be used to fund the launch of the pre-feasibility study programme.

Additional funds will be required in due course to complete a definitive feasibility study on the project, Bushveld added.

Elsewhere, discussions are ongoing with potential partners for the Mokopane tin project, while work at the P-Q iron prospect is focused on developing the phosphate and titanium potential.

Losses in the three months to September were £1.47mln (£750,000).

Bushveld Minerals Limited announces noteworthy news

Fortune Mojapelo, CEO of Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF) (Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)) (Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)), discussed the restructuring of their convertible loan note with Proactive London. The restructuring involves converting...

on 12/5/23