Bushveld Minerals Limited Bushveld Vametco - Completion of Phase Two (8679S)
June 28 2018 - 2:10AM
UK Regulatory
TIDMBMN
RNS Number : 8679S
Bushveld Minerals Limited
28 June 2018
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
28 June 2018
Bushveld Minerals Limited
("Bushveld" or the "Company")
Bushveld Vametco - Completion of Phase Two
Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated
primary vanadium producer, with ownership of high grade assets, is
pleased to provide an update on Phase Two of the Vametco expansion
project.
Bushveld has successfully completed the second phase of the
three-phased expansion project at Bushveld Vametco, on time and
within budget, allowing the company to take advantage of the high
vanadium price which has persisted in the first half of 2018. This
phase of the expansion project increases the annual production
capacity from 3,035 mtV, achieved in Phase One, to 3,750 mtV, with
a capex of USD 2.5 million.
Fortune Mojapelo, CEO of Bushveld Minerals Limited,
commented:
"The completion of Phase Two of the expansion plan is an
important milestone on the Company's journey to a 5,000 mtV per
annum production capacity and beyond. The fact that this has been
done in time and within budget is testament to the discipline of
the management team which we applaud. We look forward to the
commencement of phase three as we seek to maximise throughput of
this flagship asset."
Enquiries: info@bushveldminerals.com
Bushveld Minerals +27 (0) 11 268 6555
Fortune Mojapelo, Chief
Executive Officer
Chika Edeh, Head of
Investor Relations
SP Angel Corporate
Finance LLP Nominated Adviser & Broker +44 (0) 20 3470 0470
Ewan Leggat
Richard Morrison
Alternative Resource Joint Broker
Capital
Rob Collins +44 (0) 207 186 9001
Alex Wood +44 (0) 207 186 9004
Tavistock Financial PR
Charles Vivian / Gareth
Tredway +44 (0) 207 920 3150
Lifa Communications
Gabriella von Ille Financial PR +27 (0) 711 121 907
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low cost, integrated, primary vanadium
producer, with ownership of high grade assets.
The Company's flagship vanadium platform includes a 59.1 per
cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a
primary vanadium mining and processing company; the Mokopane
Vanadium Project and the Brits Vanadium Project. The coal platform
comprises the wholly-owned Imaloto Coal Project, which is being
developed as one of Madagascar's leading independent power
producers. The Company's tin interests are held through its
shareholding in AIM listed AfriTin Mining Limited.
Bushveld's vision is to become a significant, low cost,
integrated primary vanadium producer through owned high grade
assets. This incorporates development and promotion of the role of
vanadium in the growing global energy storage market through
Bushveld Energy, the Company's energy storage solutions provider.
Whilst the demand for vanadium remains largely anchored in the
steel industry, Bushveld Minerals believes there is strong
potential for an imminent and significant global vanadium demand
surge from the fast-growing energy storage market, particularly
through the use and adoption of Vanadium Redox Flow Batteries.
While the Company's focus is on the vanadium operations and the
development and promotion of VRFBs it has additional investments in
coal, power and tin.
The Company's approach to project development recognises that,
whilst attractive project economics are imperative, they are
insufficient to secure capital to bring them to account. A clear
path to production within a visible timeframe, low capital
expenditure requirements and scalability are important factors in
ensuring a positive return on investment. This philosophy is core
to the Company's strategy in developing projects.
Detailed information on the Company and progress to date can be
accessed on the website: www.bushveldminerals.com.
About Vametco
Vametco is located near Brits on the Western Limb of the
Bushveld Complex. The integrated operation comprises a vanadium ore
mine and a processing plant that produces Nitrovan(R) , a trademark
product sold in major steel markets across the world. The mine lies
adjacent to the Brits Vanadium Project, which will in future serve
as an alternative source of near surface run of mine (ROM) ore feed
to the Vametco plant.
The Vametco mining operation uses open pit bench mining methods
to mine a well-defined orebody. The deposit is continuous with
limited faulting and dips in a northerly direction at approximately
19 degrees.
ROM ore is fed into a primary, secondary and tertiary crushing
circuit, followed by milling and magnetic separation to produce
magnetite concentrates. The magnetite concentrates are fed into the
extraction process which includes the kiln for roasting followed by
leaching and precipitation. Thereafter the precipitated vanadium as
ammonium metavanadate is converted to modified vanadium oxide (MVO)
in rotary calciners. MVO is fed into the mix plant and finally into
the shaft furnaces to produce Nitrovan(TM) .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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