REG - Bushveld Minerals Ld - Business Rescue and Operations Update

Bushveld MineralsAnnouncement

16/12/2024 07:30

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RNS Number : 2038Q  Bushveld Minerals Limited  16 December 2024

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

16 December 2024

Bushveld Minerals Limited

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

Business Rescue Update, Vametco Plant Shut Down, Asset Realisation and Going
Concern.

 

Following the appointment of Piers Marsden and Jenna Osborne of Matuson &
Associates as the joint business rescue practitioners ("Joint BRPs") for
Bushveld Vametco Alloys (Pty) Limited, Bushveld Vametco Holdings (Pty) Limited
and Bushveld Minerals SA (Pty) Limited (collectively the "South African
entities"), the Joint BRPs held a first meeting of creditors on 29 November
2024 where the Joint BRPs explained why the South African entities had been
placed into business rescue. The Joint BRPs have also secured
post-commencement funding and anticipate publishing the business rescue plan
in January 2025.

The Company has now been informed by the Joint BRPs that they have commenced
an extended plant maintenance shutdown at Vametco, which will continue until
end-March 2025. The shutdown aims to rebase the business to optimise the
turnaround by fixing the critical parts of the business that will efficiently
generate revenue and ensure future sustainability. This period will allow
sufficient time to plan, procure, and install critical components for the
maintenance and sustainable operation of the plant. Once the plant is back
online, it is anticipated its reliability will be enhanced, and it will
operate close to full capacity.

Meanwhile, the Board is actively exploring various options to realise value
from the remaining group assets. This includes engaging with the Joint BRPs to
ascertain the amounts, if any, repayable to the Company, taking into account
the position of the Company's secured creditor.

Given the significant uncertainty surrounding the South African operations,
the Board has consulted with the Company's lawyers and an insolvency
practitioner regarding their responsibilities and the options available. In
the absence of sufficient value being realised from the assets or new capital
being raised, it is unlikely that the Company can be considered a going
concern.

Further announcements will be made in due course, as appropriate.

 

Enquiries :  info@Bushveldminerals.com (mailto:info@Bushveldminerals.com)

 Bushveld Minerals Limited                                                                     +27 (0) 11 268 6555
 Kate Bredin, Company Secretary

 SP Angel Corporate Finance LLP                          Nominated Adviser & Joint Broker      +44 (0) 20 3470 0470
 Richard Morrison / Charlie Bouverat
 Grant Barker / Abigail Wayne

 Hannam & Partners                                       Joint Broker                          +44 (0) 20 7907 8500
 Andrew Chubb / Matt Hasson / Jay Ashfield

 Tavistock                                               Financial PR                          +44 (0) 207 920 3150
 Gareth Tredway / Tara Vivian-Neal / James Whitaker

ENDS

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a primary vanadium producer. It is one of the world's
three primary vanadium producers, offering compelling exposure to vanadium
through its upstream asset.

Detailed information on the Company and progress to date can be accessed on
the website www.bushveldminerals.com (https://www.bushveldminerals.com/) .

 

 

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