REG - Bushveld Minerals Ld - BELCO update following media report

Bushveld MineralsAnnouncement

21/02/2023 07:00

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RNS Number : 5036Q  Bushveld Minerals Limited  21 February 2023

Market Abuse Regulation ("MAR") Disclosure

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

21 February 2023

Bushveld Minerals Limited

("Bushveld Minerals" "Bushveld" or the "Company")

Bushveld Electrolyte Company update following media report

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer
and energy storage solutions provider, notes the recent media report,
published in South Africa on 19 February, which referred to the commissioning
of the Bushveld Electrolyte Company ('BELCO'), South Africa's first vanadium
electrolyte factory, having started and the hope to produce 1 million litres
of vanadium electrolyte this year.

The Company would like to clarify that whilst cold commissioning of the
electrolyte manufacturing facility has commenced, hot commissioning and
production is, as previously advised, due to be completed in H1 2023. Further,
whilst progress is being made in the qualification process with manufacturers
to use its electrolyte, the Company is not providing any production guidance,
at the current time, as production will be informed by sales and off-take
contracts with Original Equipment Manufacturers, discussions of which are
ongoing.

 

ENDS

 

Enquiries: info@bushveldminerals.com

 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

 RBC Capital Markets                             Joint Broker                    +44 (0) 20 7653 4000
 Jonathan Hardy / Caitlin Leopold

 Tavistock                                       Financial PR
 Gareth Tredway / Tara Vivian-Neal/ Adam Baynes                                  +44 (0) 207 920 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. In 2022,
the Company produced 3,842 mtV, representing approximately 3% of the global
vanadium market. Bushveld Vanadium is targeting to grow its vanadium
production and achieve an annualised steady state production run rate of
between 5,000 mtVp.a. and 5,400 mtVp.a in the near term from existing
capacity. Growth plans to expand to 8,000 mtVp.a. will be pursued, subject to
funding and market conditions.With a diversified vanadium product portfolio
serving the needs of the steel, energy and chemical sectors, the Company
participates in the entire vanadium value chain through its two main pillars:
Bushveld Vanadium, which mines and processes vanadium ore; 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 the advancement of
vanadium-based energy storage systems, specifically Vanadium Redox Flow
Batteries ("VRFBs")

 

Detailed information on the Company and progress to date can be accessed on
the website www.bushveldminerals.com (http://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 mostly Nitro Vanadium. 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 concentrate is fed into the extraction process which consists of
a rotary kiln for roasting followed by leaching and precipitation. Thereafter
the precipitated vanadium as ammonium metavanadate is converted to modified
vanadium oxide ("MVO") in a rotary calciner. MVO is fed into the mix plant and
finally into the shaft furnaces to produce Nitro Vanadium.

About Vanchem

Vanchem is situated at Ferrobank Industrial Park in Emalahleni Local
Municipality, Mpumalanga Province in the Republic of South Africa. Vanchem
is a primary vanadium producing facility with a beneficiation plant capable of
producing various vanadium oxides, ferrovanadium and vanadium chemicals.
Vanchem uses the salt roast beneficiation process, similar to the one used at
Vametco. The plant comprises: a core salt-roast processing plant, including 3
roasting kilns, an electric smelting ferrovanadium converter, an
alumino-thermic smelting facility, also located at Highveld, a vanadium
chemical plant; and a rail siding linking the plant with Bushveld deposits and
additional potential supply sources through the national rail network.

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