TIDMBMN
RNS Number : 2463G
Bushveld Minerals Limited
24 November 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.
24 November 2020
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Q3 and 9 months 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 its third quarter and nine months ending 30
September 2020 ("Q3 2020" and "9M 2020") operational update.
Key Highlights
Bushveld Vanadium
-- Group production for Q3 2020 of 1,019 mtV was 31 per cent
higher than Q2 2020 (Q2 2020: 778 mtV) due to the lifting of the
nationwide lockdown, which occurred in Q2 2020.
-- Group production for 9M 2020 of 2,667 mtV was 37 per cent
higher than 9M 2019 (9M 2019: 1,953 mtV), as a result of the
inclusion of the Vanchem processing assets for the full nine month
period.
-- Group sales for 9M 2020 of 2,987 mtV(1) was 74 per cent
higher than 9M 2019 (9M 2019: 1,719 mtV), as a result of the
inclusion of sales from Vanchem.
-- Severe weather conditions at the beginning of November 2020
resulted in an unexpected longer than normal power outage at
Vametco, impacting the refinery section.
-- Despite this incident, and assuming there are no further
stoppages, the Group still expects to meet the lower end of its
full year production guidance range of between 3,660 mtV and 3,950
mtV.
1. Includes intercompany sales of 446 mtV comprised mainly of
Vametco product being sold to Vanchem for further processing.
Vametco
-- Production for Q3 2020, in the form of Nitrovan and
Ferrovanadium, was 725 mtV, 29 per cent higher relative to Q3 2019
(Q3 2019: 561 mtV) as a result of reduced commissioning and ramp-up
time following the tie-in of the Kiln-Off Gas compared to the 2019
maintenance shutdown.
-- Production for Q3 2020 was 28 per cent higher than Q2 2020
(Q2 2020: 566 mtV) due to the lifting of the nationwide lockdown
which occurred in Q2 2020.
-- Production for 9M 2020 was 1,942 mtV, this is in line with
the production from 9M 2019 (9M 2019: 1,953mtV), despite the impact
of the nationwide lockdown and changes in work arrangements, in
line with Covid-19 guidelines.
-- Production cash cost (C1) for Q3 2020 was US$18.10/kgV, a 12
per cent decrease relative to Q3 2019 (Q3 2019: US$20.60/kgV), as a
result of a weaker ZAR:USD exchange rate.
-- Production cash cost (C1) for 9M 2020 was US$17.50/kgV, an 11
per cent decrease relative to 9M 2019 (9M 2019: US$19.70/kgV), due
to a weaker ZAR:USD exchange rate.
-- Despite the recent power outage, assuming there are no
further extraneous incidents, Vametco expects to meet the lower end
of its 2020 production guidance range of 2,700 mtV to 2,850 mtV and
the higher end of its production cash cost (C1) guidance of between
ZAR295/kgV and ZAR300/kgV (US$17.50/kgV and US$17.90/kgV).
Vanchem
-- Production for Q3 2020 was 294 mtV, 39 per cent higher than
Q2 2020 production (Q2 2020: 212 mtV) due to the lifting of the
nationwide lockdown in Q2 2020. Production for the 9M 2020 was 725
mtV.
-- On track to meet 2020 production guidance of 960 mtV to 1,100
mtV and production cash cost (C1) guidance of between ZAR310/kgV
and ZAR320/kgV (US$18.40/kgV and US$19.0/kgV).
Covid-19 Response
-- On 21 September 2020, the South African government moved the
lockdown status to a level 1, allowing the majority of the economy
to operate with minimal restrictions. We continue to adhere to the
South African health authority protocols on dealing with the
Covid-19 pandemic.
-- The process and procedures that we have implemented at our
operations continue to work as cases were sporadic during the
period. As a result of these measures, we have been able to
continue operating since restarting in May 2020.
Bushveld Energy
-- During the period, the acquisition of Enerox GmBH as part of
the investment consortium, was completed.
-- On 11 November 2020, the Company provided an update on the
Vametco Mini-Grid project being developed at the Vametco vanadium
mine comprising of 3.5 megawatts ("MW") of solar photovoltaic
("PV") (previously 2.5 MW) generation and 4 megawatt hours ("4MWh")
of vanadium redox flow battery ("VRFB") energy storage. Abengoa was
appointed to provide Engineering, Procurement and Construction
("EPC") of the project, including the integration of the solar and
energy storage systems. Thebe Investment Corporation was announced
as a strategic equity partner in the development and funding of the
Mini-Grid project.
-- In addition, Bushveld announced signing a contract for
electrolyte rental with Pivot Power, part of EDF Renewables, under
a partnership with Invinity Energy Systems.
Vanadium and VRFB Markets
-- Increased Chinese demand during Q3 2020 resulted in price
disparities between China and the rest of the world for a short
period. This de-synchronisation between China and the rest of the
world translated into temporary price premium for vanadium
products. As a result, Chinese imports surged and in turn inventory
levels increased. The vanadium prices in China have since retracted
to similar levels seen across other regions due to increased supply
of vanadium products.
-- The increased infrastructure spending in China has resulted
in higher steel production, supporting vanadium demand, with China
been a net vanadium importer during the months of July, August and
September 2020.
-- The weak demand in Europe as a result of further lockdown
measures being introduced, as well as constrained demand in the
United States, is expected to continue until the end of 2020.
-- However, we expect increased deployment of VRFBs demand, 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$25.2/kgV in nine months ended 30 September 2020 , 47 per cent
lower than 9M 2019 (9M 2019: US$47.70/kgV). The spot price was
US$23.30/kgV as at 30 October 2020.
Corporate Developments
-- On the 23 October 2020, Bushveld Minerals announced that it
had received receipt of Exchange Control authorisation from the
South African Reserve Bank Financial Surveillance Department, a key
condition for the completion of the US$30 million Production
Financing Agreement with Orion Mine Finance announced on 30
September 2020. Progress is being made in regard to the outstanding
material conditions.
-- On the 9 November 2020, The Company announced that it had
successfully raised US$35 million through a Convertible Loan Note
Instrument ("Instrument") with Orion Mine Finance ("Orion"). Orion
has agreed to subscribe for up to the entire US$35 million of
convertible loan notes under the Instrument. As an adjustment to
the previously announced terms of the Instrument the conversion
price of the convertible loan notes has been set at 17 pence. All
other terms remain unchanged. The proceeds from the issue of the
convertible loan notes will go towards the first phase of Vanchem's
critical refurbishment programme and debt repayment. The issue of
the convertible loan notes is conditional, inter alia, on
completion of the US$30 million Production Financing Agreement.
-- A general meeting of shareholders has been convened for 10
a.m. on 27 November 2020 at Oak House, Hirzel Street, St. Peter
Port, Guernsey GY1 3RH to approve, the necessary additional
authorities to issue the maximum amount of shares arising on
conversion.
-- Following the implementation of the Company's incentive
schemes in 2019, their effectiveness has been reviewed and the
Remuneration Committee ("RemCo") considered changes to the
short-term incentive scheme ("STI") construct to reward performance
that supports the delivery of the business strategy appropriately.
It was found that the deferred equity component of the STI was
mirroring the long-term incentive scheme structure, which was
considered too onerous for an STI. Consequently, RemCo has approved
a revised vesting period so that 50 per cent of the shares vest 12
months after the end of the award period and 50 per cent 18 months
after the end of the award period. This amendment will be applied
retrospectively to the 2019 STI Bonus Awards announced by the
Company on 20 July 2020.
Fortune Mojapelo, CEO of Bushveld Minerals Limited,
commented:
"As we head into the final weeks of a very eventful year, I am
pleased to report a solid set of Q3 numbers from our two production
assets. 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. This success was a result of all of the
hard work and controls implemented and adhered to by staff at all
levels.
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.
It is also exciting to be reporting to you at a time where
positive news around a Covid-19 vaccine has also lifted sentiment
and hope for the world returning to normal in the not too distant
future. This bodes well for demand from the underlying steel market
in Europe and the US, economies that have been the hardest hit by
the virus.
Bushveld Energy closed the Enerox acquisition together with
other investment partners and achieved significant milestones on
its first solar and VRFB mini-grid project during the period under
review and in recent weeks.
Unfortunately, post Q3 2020, extraneous weather conditions
resulted in an unexpected power outage at Vametco, impacting the
refinery section of the plant, however, we still expect to meet
Group production guidance, albeit at the lower end of
forecasts."
Conference call
Bushveld Minerals Chief Executive Officer, Fortune Mojapelo, and
Finance Director, Tanya Chikanza will host a conference call at
9:30 am UK time (11:30 am SAST) today to discuss the quarterly
update with analysts. Participants may join the call by
dialling:
Tel: United Kingdom: +44 (0) 330 336 9127; South Africa: +27 11 844 6054
Pin: 3572836
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.
Group Unit Q3 2020 9M 2020 Q3 2020 vs 9M 2020 vs Q3 2020 vs
Q2 2020 9M 2019 Q3 2019
Production mtV(1) 1,019 2,667 31.0% 36.6% 81.6%
-------- -------- -------- ------------------------ ------------------------ -----------
1. mtV = metric tonnes of vanadium.
Vametco
Table 1: Operational highlights for Vametco (on a 100%
basis)(1)
Description Q3 2020 9M 2020 Q3 2020 9M 2020 Q3 2020
Unit vs vs vs
Q2 2020 9M 2019 Q3 2019
Vanadium (Nitrovan
plus FeV)
produced mtV(2) 725 1,942 28.2% -0.5% 29.2%
--------- -------- -------- --------- --------- ---------
Vanadium sold(3) mtV(2) 639 2,417 -27.3% 40.6% 5.9%
--------- -------- -------- --------- --------- ---------
Average LMB
vanadium price(4) US$/kgV 24.2 25.2 -3.2% -47.2% -21.4%
--------- -------- -------- --------- --------- ---------
Average CRU
RN vanadium
price(4) US$/kgV 21.8 24.1 -6.3% -57.9% -39.8%
--------- -------- -------- --------- --------- ---------
Average Asian
Metals price(4) US$/kgV 26.6 32.8 9.4% -18.9% -18.9%
--------- -------- -------- --------- --------- ---------
Production
cash cost
(C1)(5) ZAR/kgV 306.1 293.5 13.9% 4.0% 1.3%
--------- -------- -------- --------- --------- ---------
Production
cash cost
(C1)(5) US$/kgV 18.1 17.5 20.9% -10.8% -12.2%
--------- -------- -------- --------- --------- ---------
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.
2. mtV = metric tonnes of vanadium.
3. Sales of 639 mtV includes sales to customers of 193 mtV and intercompany sales of 446 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.
-- Production for Q3 2020 was 725 mtV in the form of Nitrovan
and Ferrovanadium from magnetite concentrate. Production was 29 per
cent higher Q3 2019 production (Q3 2019: 561 mtV) as a result of
reduced commissioning and ramp-up time following the 2020 Kiln Off
Gas Tie-In compared to the 2019 Maintenance Shutdown.
-- Sold 639 mtV in Q3 2020, of which 193 mtV were final sales to
customers. The sales volume includes intercompany sales of 446 mtV,
of which 223 mtV have post period end been converted into final
sales to customers.
-- Production cash cost (C1) for Q3 2020 was US$18.10/kgV was 12
percent lower than Q3 2019 (Q3 2019: US$20.61kg/V), supported by a
weaker ZAR:USD exchange rate and higher production volumes.
-- Q3 2020 production cash cost (C1) was 21 per cent higher than
Q2 2020 due to a stronger ZAR:USD exchange rate and increased
maintenance, energy and raw material costs.
-- Severe weather conditions at the beginning of November
resulted in an unexpected longer than normal power outage at
Vametco, impacting the refinery section. The refinery section has
since come back online following repair work.
-- Despite this incident Vametco expected to meet the lower end
of the production guidance of between 2,700 mtV and 2,850 mtV and
the higher end of the production cash cost (C1) guidance to between
ZAR295/kgV and ZAR300/kgV (US$17.50/kgV and US$17.90/kgV).
Other projects
-- A Kiln Off-Gas project was initiated in 2018 to comply with
environmental regulations relating to air emissions and further
increase kiln feed throughput.
-- Despite Covid-19 restrictions, construction was completed,
and the project was commissioned in September 2020. The
commissioning and ramp-up was completed ahead of schedule.
-- Technical studies associated with the Vametco Phase 3
prefeasibility study have commenced. ZAR4 million is estimated for
the prefeasibility study, with some of the capital expenditure
falling into 2021.
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.
-- The Group continued to increase sales into China in Q3 2020
as a result of robust demand and higher buying price from
China.
Vanchem
Table 2: Operational highlights for Vanchem
Description Q3 2020 9M 2020 Q3 2020
Unit vs
Q2 2020
Chemicals mtV(1) - 69 -100%
--------- -------- -------- ---------
Flake mtV (1) 174 374 152%
--------- -------- -------- ---------
FeV mtV (1) 120 283 29%
--------- -------- -------- ---------
Total production mtV (1) 294 725 39%
--------- -------- -------- ---------
Chemicals mtV(1) 36 60 145%
--------- -------- -------- ---------
Flake mtV (1) 166 264 652%
--------- -------- -------- ---------
FeV mtV (1) 99 246 100%
--------- -------- -------- ---------
Total sales mtV 301 570 249%
--------- -------- -------- ---------
Weighted average
production cash cost
(C1)(2) ZAR/kgV 346.3 302.1 82%
--------- -------- -------- ---------
Weighted average
production cash cost(C1)(2) US$/kgV 20.5 18.1 94%
--------- -------- -------- ---------
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.
-- Production in Q3 2020 was 294 mtV, 39 per cent higher than Q2
2020 (Q2 2020: 212 mtV), due to nationwide lockdown which occurred
in Q2 2020, during which production operations were suspended for
four weeks.
- 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 Q3 2020 of 301 mtV, were 249 per cent
higher than Q2 2020.This was driven by increased demand from
customers following the easing of Covid-19 lockdowns globally and
the subsequent increased economic activity. Sales are expected to
track production for the rest of the year.
-- The weighted average production cash cost (C1) for the
quarter was US$20.48/kgV; the increase in cost relative to Q2 2020
(Q2:2020: US$10.60/kgV) was due to a stronger ZAR:USD exchange
rate, increased raw materials, maintenance and ramp up costs post
the lockdown. The 9M 2020 weighted average production cash cost
(C1) was US$18.10/kgV.
-- Production and production cash cost (C1) guidance for 2020
remains unchanged. Vanchem is expected 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 refurbishment programme
Phase I of the refurbishment programme
-- The 2020 capital expenditure is estimated to be approximately
ZAR55 million, previously approximately ZAR85 million, of critical
refurbishment, focused on extending the calcine dump and commence
the upgrade of the electrical reticulation system and the storm
water treatment. Site work on the extension of the Waste Disposal
Facility commenced in August 2020, this was later than originally
planned due to the Covid-19 pandemic. This project is now expected
to be completed during H1 2021, with part of the associated capital
expenditure now falling into the associated financial year. This
delay will not compromise the expected production for 2021.
Bushveld Energy
Deployment
Hybrid Mini-grid project
-- In 2019, Bushveld Energy announced plans for the development
of the hybrid solar and storage mini grid co-located at the Vametco
mine and processing facility. While the mini-grid will supply just
under 10 per cent of the mine's electrical energy consumption at
any one time, the project will demonstrate the technical and
commercial capability of hybrid mini-grids using solar PV and VRFB
technology. Technically, the mini-grid system will be able to
operate independently or jointly, either as standalone systems or
as a fully functional mini-grid installation.
-- In addition, the mini-grid system, will remove over 5,700
metric tonnes of CO(2) emissions per year (and nearly 114,000
tonnes over the life of the project), thereby reducing the carbon
footprint of Bushveld's mining and processing operations and
contributing towards South Africa's low emission development
strategy.
-- Vametco will supply approximately 25 tons of vanadium in the
form of oxide for the VRFB. Enerox GmbH the VRFB developer and
manufacturer owned by an investment consortium which includes
Bushveld, will supply the VRFB and electrolyte, and Abengoa will
supply the solar PV unit, install and integrate the system at the
Vametco mine and processing plant. In addition, provide maintenance
for the facility post-commissioning.
-- The project is part of Bushveld's strategy to demonstrate
both the superior technical merits of long duration VRFB systems
when paired with renewable energy, while providing a commercial
return to its investors.
Electrolyte
Appointment of Electrolyte Plant Manager
-- The Company is pleased to announce the appointment of Saahir
Masthan who joins Bushveld Electrolyte Company ("BELCO"), a 55 per
cent owned subsidiary of Bushveld Energy, as Electrolyte Plant
Manager. Saahir brings over 10 years of chemical engineering
experience including 5 years as a plant manager at Omnia
Fertilizer.
Electrolyte rental
-- On 7 September 2020, the Company announced that it had formed
a special purpose company in partnership with Invinity Energy
Systems plc ("Invinity"), named Vanadium Electrolyte Rental Limited
("VERL"). VERL's purpose is to provide a vanadium electrolyte
rental option to Invinity's customers. In addition, Bushveld
announced that VERL had signed a contract for electrolyte rental
with Pivot Power, part of EDF Renewables. Under this contract, VERL
will hold, and rent to Pivot for a period of ten years, the
electrolyte in Pivot Power's five megawatt-hour flow battery,
supplied by Invinity and to be delivered to Pivot Power's project
at the Energy Superhub Oxford.
Investment
-- On 3 August 2020, the Company announced the successful
completion of the acquisition by Enerox Holdings Limited ("EHL") of
a further 65.1 per cent of the share capital of Enerox. EHL is an
investment vehicle formed by a consortium of investors, including
Bushveld Energy Limited.
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 / Charlie
Bouverat
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 , 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.
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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