TIDMBMN
RNS Number : 2712U
Bushveld Minerals Limited
11 July 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.
11 July 2018
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Bushveld Energy Q2 Operating Update
Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated
primary vanadium producer, with ownership of high grade vanadium
assets, is pleased to provide a Q2 operational update for its
84%-owned energy subsidiary, Bushveld Energy Limited ("Bushveld
Energy").
Operational Highlights for the second quarter
Eskom Vanadium Redox Flow Batteries project:
-- Bushveld Energy and the Industrial Development Corporation
received delivery of the first vanadium redox flow battery ("VRFB")
from UniEnergy Technologies ("UET") in South Africa. This included
the mixed-acid vanadium electrolyte that will be used in the
battery;
-- The utility scale battery was delivered within months of the order being made;
-- Bushveld Energy's team is performing all the integration work
related to the VRFB at the Eskom Research and Innovation ("ERIC")
micro-grid site in Roshverville, South Africa;
-- All site preparation work has been completed at ERIC;
-- Preparation of the VRFB controls for integration to Eskom's
existing site controller at the facility is complete;
-- Two technicians from Bushveld Energy were trained on the
installation, operation and maintenance of the VRFB at UET's
production facility in the USA. The training will continue during
the commissioning process which is expected to conclude in July, as
UET is sending two engineers to South Africa to oversee the
process; and
-- Bushveld Energy and Eskom expect to receive initial data on
the VRFB's performance at the facility during the coming quarter.
The analysis of the results will help to inform the technical and
commercial merits of future energy storage projects.
Vanadium electrolyte production facility:
-- Bushveld Energy awarded the contract to perform an
Environmental Impact Assessment ("EIA") to a South African
consultancy for the greenfield facility in the East London
Industrial Development Zone ("ELIDZ");
-- Based on recommendations from the consultant, a full EIA will
be performed, rather than a basic assessment as originally
envisaged;
-- The EIA will cover both the initial 200MWh capacity for the
plant and allow for future production expansion;
-- While this will require up to three months for community
engagement and other processes, the long-term benefit will be the
ability to increase capacity without securing another EIA;
-- An EIA is also required for the chemicals plant that will be
co-located with Bushveld's existing mining and processing facility
at the Vametco vanadium mine. This application will be combined
with Vametco's overall expansion application and thus not add any
additional time or cost to Vametco's EIA process, highlighting an
example of the synergies of vertical integration in Bushveld's
business model; and
-- The project remains on track to produce electrolyte in 2019
for South African and international markets.
Fortune Mojapelo, CEO of Bushveld Minerals, commented:
"In the second quarter, the first ever vanadium redox flow
battery was delivered to South Africa. As the integrator for the
project, Bushveld Energy and its team have been able to expand its
expertise on project delivery and implementation. This has
significantly assisted to build our capability to develop and
deliver energy storage projects across the African continent.
This project has shown that utility scale batteries can be
delivered in only months. Simultaneously, we are advancing the
component manufacturing aspect of our business, where we are
building flexibility for quick expansion. This strategy allows us
to keep initial risk lower with an ability to capitalise should
growth in energy storage materialise even faster than expected.
With these efforts, Bushveld Energy is positioning itself in Africa
with a unique combination of technical skills and component supply
to deliver energy storage solutions."
Summary of 2018 Project Objectives
Objective Status
Deploy VRFB systems into market
---------------------------------------
Completed in Q2CY18
* Deliver the first VRFB project with Eskom in Q2 CY18
---------------------------------------
In progress
* Grow the project pipeline across Africa
---------------------------------------
Electrolyte facility:
In progress
* Complete environmental work and all requirements at
Vametco and at the EL IDZ
---------------------------------------
Commenced the work
* Start the Engineering, Procurement and Construction
of the electrolyte facility
---------------------------------------
Commenced engagement with
* Supply samples to VRFB OEMs and secure interest in VRFB OEMs
electrolyte offtake
---------------------------------------
Position Bushveld Energy as a thought In progress
leader in energy storage in Africa
and in VRFBs globally
---------------------------------------
Enquiries: info@bushveldminerals.com
Bushveld Minerals +27 (0) 11 268 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
Bushveld Energy Limited
Mikhail Nikomarov,
Chief Executive Officer, Bushveld
Energy Limited +27 (0) 11 268 6555
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser & Broker
Ewan Leggat
Richard Morrison
Alternative Resource Capital
Joint Broker
Alex Wood +44 (0) 20 7186 9004
Rob Collins +44 (0) 20 7186 9001
Tavistock
Financial PR
Charles Vivian / Gareth Tredway +44 (0) 207 920 3150
Lifa Communications
Financial PR
Gabriella von Ille +27 (0) 711 121 907
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low cost, integrated, primary vanadium
producer, with ownership of high grade vanadium 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.
Bushveld's vision is to become a significant, low cost,
integrated primary vanadium producer through owning 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 vanadium operations and the
development and promotion of VRFBs, it has additional investments
in coal, power and tin.
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.
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 Bushveld Energy Limited
Bushveld Energy Limited is an energy storage developer and
component manufacturer focusing on the African market, with
registered offices in Mauritius and a wholly owned subsidiary in
South Africa. Bushveld Energy recognises that electricity in Africa
intersects paramount potential for social transformation with an
immense commercial opportunity.
Launched in 2016, Bushveld Energy is focused on developing and
promoting the role of vanadium in the growing global energy storage
market through application in vanadium redox flow batteries. Its
near term strategy is to deploy several VRFB systems as part of its
longer term vision to become a significant electricity storage
provider in Africa by 2020, meeting the demand for utility scale
energy storage in Africa by leveraging South Africa-mined and
beneficiated vanadium.
http://www.bushveldenergy.com
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END
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