Bushveld Minerals Limited Unprotected Industrial Action Resolved (2138W)
April 21 2021 - 11:18AM
UK Regulatory
TIDMBMN
RNS Number : 2138W
Bushveld Minerals Limited
21 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.
21 April 2021
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Unprotected Industrial Action Resolved
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 the unprotected industrial action at its Vametco
operation has been resolved and workers have started safely
returning to work.
As previously reported the unprotected industrial action related
to expectations of payments under the Employee Participation Plan
("EPP") at Vametco. Following discussions between management and
the Association of Mineworkers and Construction Union ("AMCU"), the
recognised labour union at Vametco, an agreement has been reached,
and AMCU has notified its members to return to work. The industrial
action was resolved on the following basis:
-- Recognition of the recently signed EPP Agreement based on which any EPP payments are determined based on audited
results of Vametco, and, where applicable, are paid as a function of the company's profit performance;
-- Recognition of loss of earnings relating to production bonuses during the 35-day maintenance programme, in
respect of which the Company and AMCU have agreed that Vametco will pay each employee a payment of R4,500
(post-tax);
-- No work no pay principles apply; and
-- Acknowledgement of the illegal nature of the industrial action and the recognition of the Company's rights in
pursuing appropriate remedies.
Plans are underway to engage with employees on the details of
the recently signed EPP agreement as well as to review the
Company's production compensation framework to improve alignment
with the company's operational targets.
Care and maintenance activities were conducted throughout the
period to enable a smooth start-up.
The impact, if any, of these five days of industrial action on
production will be provided in the upcoming quarterly production
report.
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, vertically integrated primary
vanadium producer. It is one of only three operating primary
vanadium producers, owning 2 of the world's 4 operating primary
vanadium processing facilities. The Company produced more than
3,600 metric tonnes of Vanadium in 2020. The Company is funded to
grow its production to more than 6,800 mtVp.a. by 2025 (almost
double the achieved production in 2020), and could, subject to
funding, increase its production to more to 8,400 mtVp.a. over the
same period.
Bushveld Minerals owns a diversified vanadium product portfolio
serving the needs of the steel, energy and chemical sectors.
Bushveld Minerals participates in the entire vanadium value chain
through its two main pillars: Bushveld Vanadium, which mines and
processes vanadium; and Bushveld Energy, an energy storage
solutions provider. 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.
Detailed information on the Company and progress to date can be
accessed on the website www.bushveldminerals.com .
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END
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