Unprotected Industrial Action
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.
7 September 2018
Bushveld Minerals Limited
("Bushveld" or the "Company")
Unprotected Industrial Action
Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets, reports an unprotected industrial action at the Vametco Vanadium Mine ("Vametco") has temporarily stopped production with effect from the evening of the 5th of September 2018.
The industrial action is in relation to historic legacy issues and compensation structures prior to Bushveld's acquisition of Vametco.
In keeping with the Company's active employee and stakeholder engagement, the Senior Management team held a meeting with the Union Representatives, during which the Company agreed with the Union Representatives that they would urge for all labour to resume work with immediate effect, on the basis of a commitment between both parties to negotiate and agree an Employee Share Ownership Plan during the course of next week.
The Company continues to engage with the Union Representatives and is hopeful of a speedy resolution and resumption of operations.
The Company will update the market as appropriate.
Enquiries: info@bushveldminerals.com
|
Bushveld Minerals |
|
+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 |
|
Ewan Leggat |
|
|
|
Richard Morrison |
|
|
|
|
|
|
|
Alternative Resource Capital |
Joint Broker |
|
|
Rob Collins |
|
+44 (0) 207 186 9001 |
|
Alex Wood |
|
+44 (0) 207 186 9004 |
|
|
|
|
|
Tavistock |
Financial PR |
|
|
Charles Vivian / Gareth Tredway |
|
+44 (0) 207 920 3150 |
|
|
|
|
|
Lifa Communications |
Financial PR (South Africa) |
|
|
Gabriella von Ille |
|
+27 (0) 711 121 907 |
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 59.1 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 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. 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 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.
While the Company's focus is on vanadium operations and the development and promotion of VRFBs, it has additional investments in coal, power and tin.
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.
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 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 NitrovanTM, 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 mixplant and finally into the shaft furnaces to produce NitrovanTM.
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.
Latest directors dealings
- 12 minutes ago Vanquis Banking Group 20
- 2 hours ago Frasers Group
- 2 hours ago Cavendish Financial
- 2 hours ago Diaceutics
- 2 hours ago AB Dynamics