REG - Bushveld Minerals Ld - Vametco signs five-year wage agreement with AMCU

Bushveld MineralsAnnouncement

10/06/2022 12:00

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RNS Number : 4969O  Bushveld Minerals Limited  10 June 2022

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.

 

10 June 2022

Bushveld Minerals Limited

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

Vametco signs five-year wage agreement with AMCU

Bushveld Minerals Limited (AIM: BMN), the AIM-quoted integrated primary
vanadium producer and energy storage solutions provider, is pleased to
announce that the Company has signed a five-year wage agreement with the
Association of Mineworkers and Construction Union ("AMCU"). The agreement
provides for a  seven per cent  increase in 2023,  then approximately 6.5
per cent for the subsequent years.

 

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:

"Stable labour relations are key to our success so we are pleased to confirm
that Bushveld Minerals has agreed with the AMCU leadership a five-year wage
deal on behalf of Bushveld Vametco employees. This  long term agreement is a
first for our Company and an important step to maintain operational stability,
long-term labour amity that will allow the Company to focus on executing our
strategic initiatives and meeting our objectives."

ENDS

 

 Enquiries: info@bushveldminerals.com

 Bushveld Minerals Limited                                                  +27 (0) 11 268 6555
 Fortune Mojapelo, Chief Executive Officer
 Chika Edeh, Investor Relations

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

 Tavistock                                  Financial PR                    +44 (0) 207 920 3150
 Gareth Tredway

 Tara Vivian-Neal

 Adam Baynes

 

 

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 2021,
the Company produced 3,592 mtV, representing approximately three per cent of
the global vanadium market. 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 Vanadium is targeting
to materially grow its vanadium production and achieve an annualised steady
state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a by the end
of 2022, from projects currently being implemented. Beyond that,
pre-feasibility studies are in progress to determine the optimal path to
increase production even further to a steady state production run rate of
between 6,400 mtVp.a. and 6,800 mtVp.a. in the medium-term and to a steady
state production run rate of 8,400 mtVp.a in the long term.

 

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 Nitrovan. 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 mix plant and
finally into the shaft furnaces to produce Nitrovan.

 

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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