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Bushveld Minerals enjoys significant production boost in the third quarter

Bushveld is a major player in world vanadium production

Bushveld Minerals Ltd -

Bushveld Minerals Ltd (LON:BMN) produced 31% more vanadium in the third quarter of 2020 than the second, due to the lifting of the nationwide coronavirus (COVID-19) lockdown in South Africa.

More significantly, vanadium production was 37% higher across the nine months to end September 2020 than it was in the corresponding period a year ago, as the Vanchem processing assets were included for the full period. Vanadium sales were also higher.

The company raised US$35mln in early November to help with expansion.

"As we head into the final weeks of a very eventful year, I am pleased to report a solid set of third quarter numbers from our two production assets,” said Bushveld chief executive Fortune Mojapelo in. statement.

“We have maintained our intense focus on these assets throughout 2020 as they are at the core of Bushveld's growth story. Ensuring the health and safety of our people was a key part of this focus, and I would like to thank all of our employees for playing their part in combatting Covid-19 which ultimately resulted in the extremely low infection levels and lack of any significant outbreak at our operations.”

Mojapelo was therefore, he said, able to look ahead with a certain optimism.

“This stability has allowed us to proceed with our growth plans, supported by the funding that Orion Mine Finance has committed to provide both through the production financing agreement and convertible loan note which was announced in recent weeks,” he added.

Quick facts: Bushveld Minerals Ltd

Price: 18.8 GBX

LSE:BMN
Market: LSE
Market Cap: £224.01 m
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Bushveld Minerals is back to full production, reporting a 31% increase in...

Fortune Mojapelo, chief executive of Bushveld Minerals Ltd (LON:BMN), caught up with Proactive's Katie Pilbeam about the results for the third quarter to end September 2020. Mojapelo talks through the highlights, such as third-quarter production jumping 31% to 1,019 mtV compared to the...

on 26/11/20

2 min read