TIDMBMN
RNS Number : 7890X
Bushveld Minerals Limited
02 September 2020
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.
2 September 2020
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Q2 2020 and H1 2020 Operational Update
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated
primary vanadium producer and energy storage provider, with
ownership of high-grade assets in South Africa, ("Bushveld"), is
pleased to provide an operational update for the three months and
six months ending 30 June 2020 ("Q2 2020 and H1 2020"), in respect
of Bushveld Vanadium and Bushveld Energy, as well as other
corporate activities.
Key Highlights
Bushveld Vanadium
-- Group production for Q2 2020 of 778 mtV (100 per cent basis)
was five per cent higher than Q2 2019 (Q2 2019: 742 mtV) through
the inclusion of production from the recently acquired Vanchem
processing assets.
-- Group production for H1 2020 of 1,649 mtV (100 per cent
basis) was 18 per cent higher than H1 2019 (H1 2019: 1,392 mtV), as
a result of the inclusion of the production from the Vanchem
processing assets for the full six month period.
-- Estimated production losses of approximately 380 mtV were
directly related to the Covid-19 nationwide lockdown in H1 2020.
The production losses are comprised of 300mtV at Vametco and 80mtV
at Vanchem.
Vametco
-- Production for Q2 2020 was 566 mtV in the form of Nitrovan
and Ferrovanadium. Production was 24 per cent below Q2 2019
production (Q2 2019: 742 mtV), due to the Covid-19 nationwide
lockdown and limited workforce flexibility and change in shift
patterns in order to comply with Covid-19 protocols.
-- Production for H1 2020 was 1,218 mtV (100 per cent basis) in
the form of Nitrovan and Ferrovanadium. Production was 13 per cent
below H1 2019 production (H1 2019: 1,392 mtV) due to the Covid-19
nationwide lockdown.
-- Q2 2020 production cash cost (C1) of US$15.0/kgV, a 17 per
cent decrease relative to Q2 2019 (Q2 2019: US$18.10/kgV), was
underpinned by a weaker ZAR:USD rate(1) .
-- H1 2020 production cash cost (C1) of US$17.20/kgV, an 11 per
cent decrease relative to H1 2019 (H1 2019: US$19.30/kgV),
supported by a weaker ZAR:USD rate(1) .
Vanchem
-- Production for Q2 2020 was 212 mtV, three per cent lower than
Q1 2020 production (Q1 2020: 219 mtV) and production for H1 2020
was 431 mtV.
-- Q2 2020 production cash cost (C1) of US$10.60/kgV, 54 per cent lower than Q1 2020 (Q1 2020: US$22.90/kgV), as a result of record production achieved in May and June, supported by relatively low fixed costs and a weaker ZAR:USD rate(1) .
1. Production cash cost (C1) is based on vanadium produced, this
was previously estimated using vanadium sold. Prior periods have
been restated using the same methodology.
2020 Guidance
-- A higher than expected increase in the number of Covid-19
cases in South Africa in Q2 2020, including a limited number of
positive cases at the Company's operations, has led to reduced
workforce availability and amended shift patterns to adapt to
increased social distancing and Covid-19 guidelines. The
commissioning of the Kiln-Off Gas at Vametco has been delayed due
to a Covid-19 outbreak at the manufacturer's facility and it is now
expected to be completed and commissioned at the end of September
2020, instead of the beginning of Q3 2020 as originally planned.
The Kiln Off-Gas will increase feed throughput of the Kiln and
increase production volumes.
-- Group production guidance is therefore revised to between
3,660 mtV and 3,950 mtV (previously 3,960 mtV to 4,300 mtV),
subject to no further Covid-19 related disruptions. Even with the
revision, 2020 production guidance is between 25 per cent and 35
per cent higher than 2019 Group production (2019: 2,931 mtV).
- Vametco guidance is revised to between 2,700 mtV and 2,850 mtV
(previously 3,000 mtV to 3,200 mtV) and production cash cost (C1)
guidance of between ZAR295/kgV and ZAR300/kgV (US$17.50/kgV and
US$17.90/kgV)(1) .
- Vanchem's guidance remains unchanged, although it is expected
to meet the lower end of its production guidance of between 960 mtV
and 1,100 mtV and the higher end of its production cash cost
guidance of between ZAR310/kgV and ZAR320/kgV (US$18.40/kgV and
US$19.0/kgV)(1) .
1. Production cash cost (C1) is based on vanadium produced, this
was previously estimated using vanadium sold.
Covid-19 Response
-- We continue to adhere to the South African health authority
protocols on dealing with the Covid-19 pandemic. Our Covid-19 Task
Team has put stringent processes and procedures in place for the
early detection of cases, which has allowed for immediate
self-isolation and tracking to take place so that any positive
cases remain sporadic and are not spread. As a result of these
measures, we have been able to continue operating since restarting
in May.
Bushveld Energy
-- Appointed an Engineering, Procurement and Construction
("EPC") company, which commenced the engineering phase of the
vanadium electrolyte plant.
-- The South African Department of Trade Industry and
Competition ("DTIC") approved the electrolyte plant project.
-- Signed the surface sublease agreement and the power purchase
agreement ("PPA"). Obtained a debt financing term-sheet for the
Vametco mini-grid from a French Development Bank, underwritten by a
South African institution.
Vanadium and VRFB Markets
-- Chinese demand increased in Q2 2020 supported by increased
infrastructure spending in line with RMB3.75 trillion
(approximately US$500 billion) investment plan to encourage
infrastructure investment. This has resulted in price disparities
between China and the rest of the world. Robust demand from China
is expected for the rest of the year.
-- The Group has taken advantage of the robust vanadium demand
and higher price from China compared to other jurisdictions and
increased its Chinese sales. As at the end of H1 2020, Bushveld
Minerals supplied 18 per cent of its sales to China, compared to
three per cent in H1 2019.
-- Demand from the North American and European steel and
aerospace industries declined during the period due to the pandemic
and associated plant shutdowns. Demand from the United States and
Europe is expected to remain constrained for the rest of the year
due to the economic slowdown.
-- The European Union agreed a EUR1.8 trillion (approximately
US$2.1 trillion) budget and corona virus recovery fund to confront
the recession, which is expected to include significant
infrastructure spend.
-- The Covid-19 pandemic has increased the delivery period to
customers due to logistics constraints at ports. The increase in
transit time has affected overall sales volumes for Q2 2020 and is
expected to continue for the rest of the year.
-- Increased deployment of VRFBs and demand, is likely to rise
as governments focus on accelerating the energy transition to a
low-carbon energy future, which will increase vanadium demand.
-- The London Metal Bulletin Ferrovanadium price averaged
US$25.70/kgV in H1 2020, 54 per cent lower than H1 2019 (H1 2019:
US$56.30/kgV), four per cent below H2 2019 (H2 2019:
US$26.90/kgV).
Corporate activities
-- The interims account for the six months ending 30 June 2020
will be published by 30 September 2020.
Fortune Mojapelo, CEO of Bushveld Minerals Limited,
commented:
"The safety and health of our employees remains a key priority.
We are proud that the measures we have implemented have resulted in
the early identification of positive cases at Vametco and Vanchem.
Since the lockdown in April, we have been able to ramp up
operations, however, the virus remains present within our society.
Our work to ensure the early detection of any cases and to maintain
social distancing within our workforce has forced us to change how
we operate, and we have adopted new shift patterns and work
arrangements, which have affected productivity. Due to these
reasons, Vametco will not be able to recover the lost production of
300 mtV which occurred during the nationwide lockdown, and Vanchem
is expected to meet the lower end of its production guidance. As a
Group we now expect to produce between 3,660 mtV and 3,950 mtV ,
which represents an increase of between 25 per cent and 35 per
cent, relative to 2019.
We are encouraged by the progress made at Bushveld Energy,
particularly with the electrolyte plant, and the Vametco solar
photovoltaic ("PV") and VRFB mini-grid project. Moreover, Bushveld
Energy will devise self-generation options for all of Bushveld's
existing and future electrical energy needs at its operations. With
current aggregate loads of 21MW that are expected to increase to
over 50MW post completion of expansion and refurbishment
programmes, this need has the potential of more than 125MW of solar
PV and 180MWh of battery energy storage systems within our
facilities.
Sales are being closely managed and maintaining flexibility
across our supply chain remains a key focus. Our strategy to
increase sales to China has paid off with prices from that part of
the world trading at a premium to those in our more traditional US
and European markets, after the country increased its
infrastructure spending as part of its fiscal policy in response to
the Covid-19 crisis. Owing to the Covid-19 pandemic, the delivery
period to customers has increased due to logistics constraints at
ports, and the increase in lead time has impacted sales volumes for
the quarter. We expect the longer lead time to continue for the
remainder of the year.
This recovery in demand out of a reignited Chinese economy and
the recent plans to provide stimulus to the European Union, which
include the development of green infrastructure to aid Europe's
economic recovery, show that the long-term demand fundamentals for
vanadium remain in place. The metal's unique characteristics as a
key element of rebar production ensure it will form part of
stimulus plans that countries announce in order to reinvigorate
their respective economies in a post-Covid-19 world.
Overall, the market continues to find its feet after these
unprecedented global events, which have affected growth, trade and
supply chains globally."
Conference call
Bushveld Minerals Chief Executive Officer, Fortune Mojapelo, and
Finance Director, Tanya Chikanza will host a conference call at
9:00am BST (10:00am SAST) today to discuss the Quarterly update
with analysts. Participants may join the call by dialling:
Tel: United Kingdom: +44 (0) 330 336 9125; South Africa: +27 11 844 6054
Toll Free: United Kingdom: 0800 358 6377; South Africa: 0800 998 654
Pin: 8255999
A replay of the conference call will be available on the
Company's website post the call.
Bushveld Vanadium
Bushveld has one of the largest, high-grade primary vanadium
resource bases in the world. The Company's vanadium resource base
currently consists of three mineral assets, Vametco, Brits and
Mokopane, and its processing facilities consist of Vametco and
Vanchem, which are all situated in South Africa.
Vametco
Table 1: Operational highlights for Vametco (on a 100%
basis)(1)
Description Q2 2020 H1 CY20 Q2 CY20 H1 CY20 Q2 CY20
Unit vs vs vs
Q2 CY19 H1 CY19 Q1 CY20
Vanadium (Nitrovan
plus FeV) produced mtV(2) 566 1,218 -23.8% -12.5% -13.3%
--------- -------- -------- --------- --------- ---------
Vanadium sold(3) mtV(2) 879 1,777 48.8% 59.4% -2.1%
--------- -------- -------- --------- --------- ---------
Average realised US$/kgV - 24.4 - - -
price
--------- -------- -------- --------- --------- ---------
Average LMB vanadium
price(4) US$/kgV 25.0 25.7 -36.6% -54.3% -5.9%
--------- -------- -------- --------- --------- ---------
Average CRU RN
vanadium price(4) US$/kgV 23.3 25.2 -51.3% -62.8% -14.3%
--------- -------- -------- --------- --------- ---------
Average Asian
Metals price(4) US$/kgV 34.3 24.3 -30.6% -45.9% 0.7%
--------- -------- -------- --------- --------- ---------
Production cash
cost (C1)(5) ZAR/kgV 268.8 285.9 3.2% 4.3% -10.6%
--------- -------- -------- --------- --------- ---------
Production cash
cost (C1)(5) US$/kgV 15.0 17.2 -17.3% -11% -23.6%
--------- -------- -------- --------- --------- ---------
1. Based on provisional, unaudited figures. Bushveld's net
attributable interest of the above figures is approximately 74 per
cent. Production cash cost is based on vanadium produced, this was
previously estimated using vanadium sold. Prior periods have been
restated using the same methodology.
2. mtV = metric tonnes of vanadium.
3. Sales of 879 mtV includes sales to customers of 598 mtV and intercompany sales of 281 mtV.
4. The vanadium price is based on the FeV mid average price for
the period, published by LMB for sales to Europe, CRU Ryan's Note
("CRU RN") for sales to the United States and Asian Metals for
sales to Asia. Vametco realised price is based on the prior month's
mid average price.
5. Excludes depreciation, royalties and selling, general &
administrative expenses and cost associated with Covid-19.
-- Vametco's production for Q2 2020 was 566 mtV in the form of
Nitrovan and Ferrovanadium from magnetite concentrate. Production
was 24 per cent below Q2 2019 production (Q2 2019: 742 mtV) and 13
per cent lower than Q1 2020 (Q1 2020: 652 mtV). This decrease in
production was due to the nationwide lockdown which resulted in
approximately 300mtV of lost production.
- Processing activities recommenced during April at a reduced
capacity of approximately 50 per cent of production manning levels,
in accordance with the Government's directive.
- The open pit and processing plant were permitted to return to
100 per cent production levels from 1 May 2020, and Vametco
commenced ramp-up and returned to pre-lockdown production levels
during the month.
-- Vametco sold 879 mtV in Q2 2020, of which 598 mtV were final
sales to customers. The sales volume includes intercompany sales of
281 mtV, of which 198 mtV have post period end been converted into
final sales to customers.
-- Due to the rise in Covid-19 cases in South Africa in Q2 2020
and the impact on operating conditions Vametco's guidance has been
revised to between 2,700 mtV and 2,850 mtV and production cash cost
(C1) guidance to between ZAR295/kgV and ZAR300/kgV (US$17.50/kgV
and US$17.90/kgV).
Other projects underway at Vametco
-- A Kiln Off-Gas project was initiated in 2018 to comply with
environmental regulations relating to air emissions and further
increase kiln feed throughput. Commissioning of the Kiln Off-Gas
project was planned to be completed during the first half of 2020.
Due to the Covid-19 lockdown, increase in social distancing
measures and a Covid-19 outbreak at the manufacturer's facility,
commissioning is now expected to be completed at the end of
September 2020.
Covid-19 impact on logistics
-- Vametco sells the majority of its product to the United
States, Europe and Asia. Prior to the Covid-19 pandemic, the
average delivery period to final customer was of eight to 12 weeks,
with delivery to China on average taking eight weeks.
-- Due to the Covid-19 pandemic, the delivery period to
customers in China has increased to more than eight weeks due to
logistics constraints at ports. The increase in transit time has
affected overall sales volume for the quarter and we expect this
situation to continue for the rest of the year.
Vanchem
Table 2: Operational highlights for Vanchem
Description Q2 2020 H1 CY20 Q2 CY20
Unit vs
Q1 CY20
Chemicals mtV(1) 50 69 163.0%
--------- -------- -------- ---------
Flake mtV (1) 69 200 -47.1%
--------- -------- -------- ---------
FeV mtV (1) 93 162 34.0%
--------- -------- -------- ---------
Total production mtV (1) 212 431 -3.0%
--------- -------- -------- ---------
Chemicals mtV(1) 15 24 54.6%
--------- -------- -------- ---------
Flake mtV (1) 22 97 -70.6%
--------- -------- -------- ---------
FeV mtV (1) 49 147 -49.8%
--------- -------- -------- ---------
Total sales mtV 86 269 -52.8%
--------- -------- -------- ---------
Average realised US$/kgV - 23.8 -
price
--------- -------- -------- ---------
Weighted average
production cash cost
(C1)(2) ZAR/kgV 190.0 272.3 -46.0%
--------- -------- -------- ---------
Weighted average
production cash cost(C1)(2) US$/kgV 10.6 16.4 -53.9%
--------- -------- -------- ---------
1. mtV = metric tonnes of vanadium.
2. Excludes depreciation and selling, general &
administrative expenses and cost associated with Covid-19.
Production cash cost is based on vanadium produced, this was
previously estimated using vanadium sold. Prior periods have been
restated using the same methodology.
-- Processing activities recommenced at the end of April 2020
and ramped-up to pre-lockdown levels during May 2020 in accordance
with the Governments "risk-adjusted strategy for economic
activity".
-- Production in Q2 2020 was 212 mtV, three per cent lower than Q1 2020.
- Production numbers are provided at the time of reporting,
after which, based on customers' demand, Chemicals and Flake may be
further processed to the required finished product, which will
result in production and cost adjustments in line with the demand
profiles of the various products.
-- Achieved sales in Q2 2020 of 86 mtV, were 53 per cent lower
than Q1 2020 due to lower customer demand from Europe driven by the
Covid-19 pandemic. Consequently, sales are being re-directed to
regions with robust demand, with the production split between
chemicals, ferrovanadium and vanadium pentoxide flake being
optimised for revenue.
-- As a result of the rise in Covid-19 cases in South Africa in
Q2 2020 and the impact on operating conditions Vanchem now expects
to meet the lower end of its production guidance of between 960 and
1,100 mtV and the higher end of its production cash cost (C1)
guidance of between ZAR310/kgV and ZAR320/kgV (US$18.40/kgV and
US$19.0/kgV).
-- Vanchem has sufficient stockpiled ore supply to support
current levels of production until H1 2021. The Company retains the
optionality to supply magnetite concentrates from Vametco to
Vanchem.
Vanchem refurbishment programme
-- Phase one of the refurbishment programme.
- The start of site work on the Waste Disposal Facility
extension project is imminent, with contracts being finalised for
the construction and site supervision. The project is expected to
be completed within seven months of breaking ground.
Pre-feasibility studies for the prioritised refurbishment programme
projects for 2020 are scheduled to start in Q4 of 2020. The capital
expenditure for 2020 is estimated to be ZAR85 million.
Bushveld Energy
Manufacturing
-- AR Process Projects ("ARPP"), a South African EPC company,
was awarded the EPC contract for the electrolyte plant. ARPP is an
engineering contracting company comprising sales, engineering,
project management, project services, quality and commercial
services. Since its inception in 1973, the company has delivered
over 150 chemical projects, including evaporators, crystallisers,
polymer, distillation, drying and effluent treatment plants. An EPC
Agreement was finalised and signed during the second quarter.
-- ARPP has since commenced on the engineering phase of the EPC contract.
-- DTIC approved the electrolyte plant project, allocating
funding to the East London Industrial Development Zone ("ELIDZ") to
construct the building and civil works to house the electrolyte
plant.
Investment
-- AIM-listed Invinity Energy Systems ("Invinity") appointed
Rajat Kohli, as a Non-Executive Director in June 2020, as
Bushveld's nominated director according to the agreement announced
between the companies on 1 November 2019.
Deployment
-- Bushveld Energy's project development team continues to
advance the Vametco solar PV and VRFB mini-grid project. During the
quarter, key achievements included signing of the surface sublease
agreement, PPA and obtaining a term-sheet to provide debt financing
for the project. The team is finalising a turnkey EPC Agreement for
the project, which should be completed in the coming quarter.
-- In addition to the initial mini-grid project at Vametco,
Bushveld Energy has been tasked with devising self-generation
options for all of Bushveld's existing and future electrical energy
needs at its operations in South Africa. With current aggregate
loads of 21MW that are expected to increase to over 50MW after the
expansion and refurbishment programmes, this need has the potential
of more than 125MW of solar PV and 180MWh of battery energy storage
systems within Bushveld's facilities.
-- As previously announced, the UET system at Eskom completed
site acceptance testing in May 2019. As UET shifted its strategy to
a new, modular VRFB product, it was no longer able to continue
monitoring and servicing the system. As a result, UET shut down the
system in October 2019 and an agreement was reached among Bushveld,
IDC, UET and Range Power Integration Co. Ltd ("RPI"), UET's sister
company in China, to supply a replacement system that would be
manufactured and maintained by RPI. The RPI battery of similar
power and energy capability was delivered in Q1 2020, however, due
to the Covid-19 pandemic lockdowns, first in China and then South
Africa, the system is yet to be commissioned.
VRFB market developments
-- Major announcements of VRFB projects.
- 51MWh VRFB awarded to Sumitomo Electric in Japan. This will be
Sumitomo's second large scale battery in Japan, with its previous
60MWh now approaching five years of successful operations. This
project will consume approximately 300 mtV.
- 400MWh VRFB project announced by Shanghai Electric in China.
This is the third 400MWh+ project announced in China. This project
will consume approximately 2,200 mtV.
-- Large, multinational power companies are starting to deploy
VRFB technology in their projects, including ENEL in Majorca, Spain
and EDF in Oxford, United Kingdom.
-- Successful merges and acquisitions activities.
- Invinity began trading on AIM as a merger of Avalon Battery
Corporation and redT energy plc. Invinity successfully closed GBP11
million of funding in March 2020 despite significant volatility in
the financial markets, including a total of US$5 million provided
by Bushveld in 2019 and 2020.
- VoltStorage GmbH, the Germany-based, private VRFB start-up
focusing on residential VRFBs, just closed EUR6 million in Series B
funding to "double its team and triple the production space.
-- Manufacturing capacity for VRFB is also expanding with the
announcement of the 3GWh manufacturing facility in Saudi Arabia,
through a joint venture of the German manufacturing company Schmid
and Nusaned Investment, part of SABIC, the Saudi multinational
chemical subsidiary of Saudi Aramco.
S
Enquiries: info@bushveldminerals.com
+27 (0) 11 268
Bushveld Minerals Limited 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
SP Angel Corporate Finance Nominated Adviser +44 (0) 20 3470
LLP & Broker 0470
Richard Morrison / Soltan
Tagiev
Abigail Wayne / Richard Parlons
+44 (0) 20 7236
BMO Capital Markets Limited Joint Broker 1010
Tom Rider / Michael Rechsteiner
/
Neil Elliot
+44 (0) 20 7418
Peel Hunt Limited Joint Broker 8900
Ross Allister / Alexander
Allen
Tavistock Financial PR
Charles Vivian / Gareth Tredway
/ +44 (0) 207 920
Edward Lee 3150
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 74 per cent
controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a
primary vanadium mining and processing company; 100 per cent of
Bushveld Vanchem, a primary vanadium processing facility with a
beneficiation plant; 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. 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.
Bushveld Energy, the Company's energy storage solutions provider,
plays a leading role in the development and promotion of the role
of vanadium in this market.
The Company's approach to project development recognises that,
whilst attractive project economics are imperative, they may be
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 mostly Nitrovan(TM) , 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) .
About Vanchem
Vanchem is situated at Ferrobank Industrial Park in Emalahleni
Local Municipality, Mpumalanga Province in the Republic of South
Africa. Vanchem is a primary vanadium producing facility with a
beneficiation plant capable of producing various vanadium oxides,
ferrovanadium and vanadium chemicals. Vanchem uses the salt roast
beneficiation process, similar to the one used at Vametco. The
plant comprises: a core salt-roast processing plant, including 3
roasting kilns, an electric smelting ferrovanadium converter, an
alumino-thermic smelting facility, also located at Highveld, a
vanadium chemical plant; and a rail siding linking the plant with
Bushveld deposits and additional potential supply sources through
the national rail network.
About Bushveld Energy Limited
Bushveld Energy is a leading energy storage solutions provider,
focusing on the African market. Bushveld Energy recognises that
electricity in Africa intersects paramount potential for social
transformation with an immense commercial opportunity.
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, 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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