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Bushveld Minerals enjoys robust first half

Looking ahead, the transformation programme at the Vametco operation should see output rise to 3,400 metric tonnes of vanadium

Bushveld Minerals Limited -

Bushveld Minerals Limited (LON:BMN) delivered a robust performance in the face of weaker vanadium prices that left it in a strong financial position moving into the second half.

On revenues off modestly at US$78mln, the South Africa-focused group delivered profit after tax US$2.3mln higher at US$30.8mln for the six months ended June 30.

Free cash flow advanced to US$23.3mln from US$16.4mln at the same point last year and the company had just over US$66mln in the bank at the period-end.

The ferrovanadium price averaged US$56.3 per kilogram, down from US$65.5 in 2018.

Looking ahead, the transformation programme at the Vametco operation should see output rise to 3,400 metric tonnes of vanadium, up from the current 2019 guidance of 2,800-2,900 tonnes.

By 2022, the figure should be in the order of 4,200 tonnes.

Quick facts: Bushveld Minerals Ltd

Price: 12.93 GBX

LSE:BMN
Market: LSE
Market Cap: £149.08 m
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