REG - Bushveld Minerals Ld - Corporate Update

Bushveld MineralsAnnouncement

13/12/2023 07:15

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RNS Number : 5593W  Bushveld Minerals Limited  13 December 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.

 

13 December 2023

Bushveld Minerals Limited

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

Corporate Update

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium
producer, announces a corporate update ahead of an investor presentation by
Craig Coltman, the Company's Chief Executive Officer, on the Investor Meet
Company platform today.

 

Group Head Office Restructuring

The Company has been implementing various strategic cost curtailment measures
aimed at ensuring the long-term competitiveness and financial stability of the
Group as well as rightsizing headcount at the Group's head office, given
Bushveld's renewed focus on its core operational assets.

The Company's focus, in the short term, is on reducing costs and the strategic
allocation of capital to drive enduring and profitable production. In line
with South Africa's  Section 189 of the Labour Relations Act of 1995, notices
have been issued to impacted Group Head Office employees.

This decision is driven partly by global market conditions, but also by the
recent decision to focus on our core operating assets, Vametco and Vanchem,
while disposing of other assets, including our downstream energy assets and
the Mokopane development project.

Approximately 40% of head office positions will be impacted. This strategic
move is expected to result in an annual saving of approximately US$1.5 million
per annum.

The wellbeing of all employees remains the Company's top priority and the
Section 189 process will be conducted with transparency and adherence to the
Company's values. Bushveld Minerals is committed to supporting affected
employees through this challenging transition.

Despite these difficult decisions, Bushveld Minerals is confident that these
measures are essential for navigating the current market conditions and
ensuring the Company's continued competitiveness throughout the commodity
cycle.

 

Operational update

Bushveld remains on track to meet its 2023 Group production forecast of 3,700
- 3,900 mtV, however, due to repeated refractory failures at Vanchem in
December,  the decision was taken to bring forward 12 days of the 2024 kiln
reline programme, which will impact  Vanchem's production for the month of
December 2023.

 

Craig Coltman, CEO of Bushveld Minerals Limited, commented:

"Over the past months, Bushveld Minerals has initiated several cost-saving
initiatives, including a strategic ore sourcing programme and a moratorium on
recruitment across the business. The challenges posed by global market
conditions and the need for sustained operational stability have compelled us
to take further strategic measures, including a reduction in our Group Head
Office staff. Our priority remains the safety and wellbeing of our employees,
and we are committed to supporting them through this process. As we navigate
these challenges, we are confident that these measures will fortify Bushveld
Minerals for long-term resilience and continued success in the dynamic
commodity landscape."

 

Investor Meet Company details

Bushveld Minerals' Chief Executive Officer, Craig Coltman, will provide a live
presentation, today,  Wednesday 13th December 2023 at 12:00pm GMT. The
presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and add to meet
Bushveld Minerals Limited via:

https://www.investormeetcompany.com/bushveld-minerals-limited/register-investor
(https://www.investormeetcompany.com/bushveld-minerals-limited/register-investor)

Investors who already follow Bushveld Minerals on the Investor Meet Company
platform will automatically be invited.

 

Enquiries : info@Bushveldminerals.com

 Bushveld Minerals Limited                                                              +27 (0) 11 268 6555
 Craig Coltman, Chief Executive Officer
 Chika Edeh, Head of Investor Relations

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

 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

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a vertically integrated primary vanadium producer, it is
one of only three operating primary vanadium producers. In 2022, the Company
produced 3,842 mtV, representing more than 3% of the global vanadium market.
With a diversified vanadium product portfolio serving the needs of the steel,
energy and chemical sectors.

 

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

 

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