Bushveld Minerals Limited Unprotected Industrial Action (8675V)
April 19 2021 - 3:42AM
UK Regulatory
TIDMBMN
RNS Number : 8675V
Bushveld Minerals Limited
19 April 2021
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.
19 April 2021
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Unprotected Industrial Action
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated
primary vanadium producer and energy storage solutions provider,
with ownership of high-grade assets in South Africa, ("Bushveld"),
reports that an unprotected industrial action at its Vametco
operation has temporarily stopped production with effect from the
morning of 16 April 2021.
It is understood that the unprotected industrial action is in
relation to expectations of payments under the Employee
Participation Plan ("EPP") at Vametco, however, the Company is yet
to receive a formal notice from organised labour.
The Company recently concluded an EPP with the recognised labour
union. The Plan is designed to provide a framework whereby
employees, excluding Senior Management, can share in the favourable
performance of the Company. This is in addition to production
related bonuses employees receive during the ordinary course of the
year. The expectations for payments are not in keeping with the EPP
recently signed.
In keeping with the Company's active employee and stakeholder
engagement policy, the Senior Management team has held a series of
meetings with representatives of the recognised trade union at
Vametco, the Association of Mineworkers and Construction Union
("AMCU"), during which it was agreed that all reasonable steps
would be taken to urge employees to safely return to work. The
Company continues to engage with representatives of AMCU to resolve
the unprotected industrial action.
The Company will update the market as required and
appropriate.
ENDS
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
Grant Baker / Richard Parlons
+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 .
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDEAXLNFLFFEEA
(END) Dow Jones Newswires
April 19, 2021 03:42 ET (07:42 GMT)
Bushveld Minerals (AQSE:BMN.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bushveld Minerals (AQSE:BMN.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024