Bushveld Minerals ⛏ 🔋 - BMN

News this morning

Covid-19 Update and Operation Halt

Bushveld Minerals Limited (AIM:BMN), the AIM-quoted, integrated primary vanadium producer which owns high-grade vanadium assets in South Africa, hereby provides an update on operations following the more stringent directives issued by South Africa’s Government on 23 March 2020 to deal with the global Covid-19 outbreak.

The measures include a 21-day National lockdown for all residents, to minimise movement of non-essential businesses and activities. A requirement is to put mining operations on care and maintenance with effect from midnight 26 March through to 16 April 2020.

As a result of the Government’s announcement we are making preparations to safely and efficiently put our Vametco operations and Vanchem facility on care and maintenance in such a manner as to be able to safely and timely ramp up our operations and safeguard the long term sustainability of our business at the end of the period.

Full Year 2020 guidance for both Vametco and Vanchem, announced to the market in the Full Year 2019 and Q4 2019 Operational Update on 30 January 2019, will be under review. We are assessing the financial impact and will update the market in due course.

To date our supply chains have continued to operate as normal with deliveries of product continued around the world, while the Company’s ability to source consumables and equipment has not been affected to any material degree.

The welfare of our employees and communities is a top priority at Bushveld Minerals, and over the past few weeks we established a Task Team to assist develop a comprehensive cross-functional response to the pandemic. A number of awareness, prevention, risk mitigation and strategies have been developed and are being implemented.

We have been following and will continue to follow the advice from South Africa’s Government, and we will continue to engage with the Government, to obtain further detail on permitted activities during this period.

With regards to the vanadium market outlook, the virus has had a negative effect on the global growth outlook. Having said that, China has shown signs of recovery since the government lifted the lockdown put in place to halt the spread of the virus.

Fortune Mojapelo, Chief Executive Officer of Bushveld Minerals Limited, commented:

"Having witnessed health systems of more developed first world countries get overwhelmed by the pandemic with tragic consequences, South Africa’s decisive and bold intervention announced by the government this early in the epidemic’s cycle is an existential necessity. It is costly. Yet the costs of inaction are unimaginable.

I am encouraged by the comprehensive set of measures, including fiscal ones, that will help cushion both employers and employees.

I am pleased that our Covid-19 Task Team has shown tremendous leadership in ensuring that the Company is best prepared to weather this storm through a comprehensive awareness, prevention, and intervention programme, which includes critical business continuity measures to ensure that once the lock down passes we are able to ramp up our production quickly. An important priority of the Company is to ensure that the company’s cash reserves and available facilities available to it are sufficient to not only see the company through the lockdown period but ensure a speedy ramp up once the lock down period ends.

We continue to evaluate our response to maximise the safety of our workers; ensure minimal disruption to our operations and where such disruption is unavoidable, as in this case, to ensure the company is in a financially sound enough condition to weather the storm. This will pass and I am confident when it has passed Bushveld Minerals will still be standing and continuing on its strategic path."

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Interesting. couldn’t catch bottom but snapped some

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Yep completely! Seems to have bottomed out and not moved for many months. I assume it would be down to a lack of projects utilising vanadium because of Covid-19, although I am unsure but seems like the most logical solution. I imagine it may creep back up as normal workflows resume and it is needed more in production. I checked their investor comms and they’re playing it very safe for their employees with a very detailed Covid plan.

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Still holding and considering buying more. Does seem very odd based on increasing global especially Chinese demand plus the vanadium redox battery project. They own a stake of Infinity which is part of the Oxford carbon zero initiative. Only my thoughts but Bushveld has a strong future. Worth reading the LSE BMN investor chat and watching some of the company update videos…

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Afternoon all,

Fortune has mentioned a number of times in recent appearances that there is a chance BMN will be listed on JSE. In the event of this are Freetrade investors set to miss out? Any chance of continuity in this regard?

Cheers.

Another bubble developing? I don’t think so

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New to a lot of this but where do we sit if BMN moves from AIM to JSE? Plenty of talk about that happening soon. How does Freetrade handle that move? Thanks

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Good question I’ve seen asked before, I can’t see anything on the plans though. Do you have a link to the latest

Is it moving to JSE or is it just listing on another exchange?

It can continue to be dual listed

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When the CEO (Fortune) mentioned it in a interview on Crux Investors (see Youtube Channel) he portrayed it as a dual listing, AIM and Johannesburg.
From memory, he also hinted that the company may be more appreciated by South African investors which could lead to them subsequently only listing in South Africa. He seemed disappointed with Bushveld’s share price performance on the LSE AIM.

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With the SP gaining traction in the last few weeks maybe his thoughts on that will have changed now.

Bushveld was a lesson for myself in having more patience in mining stocks…sold out just before it popped! :see_no_evil:

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Exactly the same scenario as me there mate :sweat_smile: patience is a virtue as they say… especially in investing!

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Commodities on y he Freetrade blog

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RNS Number : 1929F

Bushveld Minerals Limited

14 July 2021

14 July 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.

Bushveld Minerals Limited

(“Bushveld Minerals” “Bushveld” or the “Company”)

Announcement on Litigation

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, advises that a claim form has been issued in the English High court by Garnet Commerce Limited (“Garnet”) against VRFB Holdings Limited (“VRFB-H”) and Enerox Holdings Limited (“EHL”). EHL owns a 100 per cent interest in Enerox GmbH (“Enerox”), a Vanadium Redox Flow Battery manufacturer, providing grid scale and micro-grid energy storage solutions.

Garnet’s claim form seeks declarations against VRFB-H concerning an alleged breach of the joint venture agreement in relation to EHL, in respect of the indirect investment into EHL through VRFB-H by Mustang Energy Plc, as announced on 27 April 2021. VRFB intends to robustly defend the claims. The Company will update the market accordingly of any developments.

As previously announced, Bushveld Energy Limited has an indirect interest in Enerox of 25.25 per cent, through VRFB-H, which owns 50 per cent interest in EHL. Garnet owns an interest in Enerox through its holding in EHL.

ENDS

For further information please contact:

Enquiries: [email protected]

Bushveld Minerals Limited +27 (0) 11 268 6555
Fortune Mojapelo, Chief Executive Officer
Chika Edeh, Head of Investor Relations
SP Angel Corporate Finance LLP Nominated Adviser & Broker +44 (0) 20 3470 0470
Richard Morrison / Charlie Bouverat
Grant Baker / Richard Parlons
Peel Hunt Limited Joint Broker +44 (0) 20 7418 8900
Ross Allister / Alexander Allen
Tavistock Financial PR +44 (0) 207 920 3150
Gareth Tredway / Annabel de Morgan / Tara Vivian-Neal
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I’m not sure I totally understand this. It doesn’t sound good. Do you have any other information about what the issue is?

No further information given. A lawsuit against VRFB-H/Enerox by Garnet for alleged breach of joint agreement. Bushveld indirectly owning 25% of Enerox.

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Has anyone got update on the legal case against this?

Not that I know of. Early days yet and lawsuits can be drawn out.