TIDMBMN
RNS Number : 7702W
Bushveld Minerals Limited
17 November 2017
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.
17 November 2017
Bushveld Minerals Limited
("Bushveld" or the "Company")
Lemur Resources Appoints Owner's Engineer and Technical Advisors
for Bankable Feasibility Phase for the Imaloto Power Project
Bushveld Minerals Limited (AIM: BMN), a mineral project
development company with a portfolio of vanadium and coal assets in
Southern Africa and an investment in tin, is pleased to provide the
following update about Lemur Resources ("Lemur"). Lemur, Bushveld's
coal and energy subsidiary that is developing an integrated thermal
coal mining and Independent Power Producer asset in Madagascar, has
concluded an open market Request for Proposals ("RFP") process in
October 2017 for all studies and services required to complete the
Bankable Feasibility Study ("BFS") for the Imaloto Power Project in
Madagascar ("the Project").
In addition, following Anthony Viljoen's appointment as Chief
Executive Officer of AfriTin Mining, Prince Nyati, previously
Project Head of Lemur, has been appointed as Chief Executive
Officer of Lemur, effective from 9 November 2017. Anthony will
remain on the Board of the Company as a non-executive director.
Commenting on these developments, Fortune Mojapelo, CEO of
Bushveld Minerals, said:
"The appointment of an owner's engineer and other technical
advisors is an important step towards the completion of the BFS for
the Imaloto Power Project. The nomination of an environmental
advisor demonstrates our commitment to comply with the social and
environmental impact regulations in Madagascar. More importantly,
the Social Environmental Impact Assessment (SEIA) will pave the way
for us to proceed with major works at our project site.
"In addition, to the above, our discussions with Jiro sy Rano
Madagascar (JIRAMA) regarding a long term Power Purchase Agreement
(PPA) are at an advanced stage and given the support we have
received from both the Government and JIRAMA so far, we are
confident that a PPA will be concluded soon.
Overall, these new developments will ensure that the Project
remains on course and they will also reinforce our commitment to
delivering reliable, affordable base load power to the people of
southern Madagascar and in so doing, help to kick-start the
unprecedented economic development activities in the region.
Furthermore, I wish to congratulate Prince on his new
appointment."
Highlights:
-- Following the conclusion of the RFP process, Lemur has
appointed Advisian / Worley Parsons as the Owner's Engineer for the
Project. Advisian's key roles will be to provide review and
oversight during the bankable feasibility phase regarding
technical, financial, and commercial aspect of the project,
including the interface with Lemur's technical partner, Sinohydro
Corporation Limited ("Sinohydro") on the BFS;
-- In addition, Worley Parsons is assigned to oversee completion
of the SEIA in accordance with the laws of Madagascar and IFC
standards. Worley Parsons will shortly commission a Malagasy based
specialist to carry out carry out the SEIA. The selection process
for a local SEIA specialist will be concluded in November 2017;
-- Energy System Planning (ESP) has been appointed as technical
advisors to finalize transmission routing and mapping as well as
associated load studies on the project;
-- Lemur is in advanced discussions with Madagascar state-owned
water and utility company JIRAMA, over a long-term PPA, with most
of the key terms agreed.
Enquiries: info@bushveldminerals.com
Bushveld Minerals Limited
Fortune Mojapelo +27 (0) 11 268 6555
Lemur Resources Limited
Prince Nyati +27 (0) 11 268 6555
SP Angel Corporate Finance (Nominated Adviser and Broker)
Ewan Leggat +44 (0) 20 3470 0470
Blytheweigh (Public Relations)
Tim Blythe / Nick Elwes +44 (0) 20 7138 3204
Gabriella von llle +27 (0) 711 121 907
- ENDS -
Notes to editors
About Lemur Resources
Lemur Resources is a wholly-owned subsidiary of Bushveld
Minerals Limited currently developing an integrated 60MW mine-mouth
coal-fired power plant, with a transmission line of over 200km in
southern Madagascar ("the Project"). The Project is in the bankable
phase. Lemur's technical partner, Sinohydro, is currently
conducting the BFS, expected to be completed in the first half of
2018. Bushveld Minerals has approved the budget to fund all the
Project development activities for completion of the BFS, SEIA and
the finalization of the PPA .
About Bushveld Minerals Limited
Bushveld Minerals is an AIM listed mineral project development
company with a portfolio of vanadium and coal assets in Southern
Africa, including interest in a vanadium-producing operation and an
investment in tin.
The Company's flagship platform, the vanadium platform, includes
the Mokopane Vanadium Project, the Brits Vanadium Project, and an
interest in Bushveld Vametco Alloys primary vanadium mining and
processing company. 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.
Bushveld's vision is to become one of the largest low cost
integrated primary vanadium producers through owned low-cost
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 a slow growing steel industry, Bushveld Minerals believes there
is a strong potential for imminent significant global vanadium
demand surge from the fast-growing energy storage market,
particularly through the use and adoption of Vanadium Redox Flow
Batteries.
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 with a visible timeframe, low capital
expenditure requirements and scalability are important factors in
retaining an attractive exit option. 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 company news service from the London Stock Exchange
END
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