Bushveld Minerals Ltd (AIM:BMN, OTC:BSHVF) has reported ore reserves of 262,000 tonnes of vanadium (V2O5) in magnetite at its Vametco subsidiary at the end of December, a slight drop on end-2020.
Mining depletion was responsible for the fall in reserves, said Bushveld, which added the combined resource was 182.7Mt for 704,000 tonnes of vanadium, with 147,000 tonnes in the probable category.
Fortune Mojapelo, chief executive, said: "It is pleasing to see this orebody continue to deliver consistently, as per the reserves and resources estimates it is based upon.
“This gives us the confidence to pursue further growth in the years ahead, knowing that we have decades of mine life in front of us.
“It is updates like this that remind us what a unique and world-class asset we possess and that we must ensure it gets developed to its full potential over time."