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I offer an attempted "big picture" of BMN and its prospects. The aim is to help orient new investors to the company, and newcomers to this board.
Q1. What is BMN?
A. One of the world's top three (primary) vanadium miners/producers, with some of the world's biggest high-purity vanadium deposits (in the Bushveld area of South Africa). Production is ongoing, and is already very profitable, and the company has ambitious plans to increase production and sales, and to diversify.
Q2. What is vanadium?
A. An element used (at present) primarily for strengthening steel, used in large (and increasing) quantities in the manufacturing and construction industry (as rebar).
Vanadium is actually very common in the Earth's crust (the 20th most abundant element), but sources of sufficiently high concentration to extract economically are more limited. Demand for vanadium is expected to rise strongly over the coming years with the ongoing take-up of vanadium redox flow batteries (VRFBs).
Q3. Context: who are the other major vanadium miners?
A. Principally Glencore's Rhovan in South Africa and Largo's Maracas Menchen mine in Brazil. Various others are under development or consideration.
In addition to primary sources, vanadium is also produced (mainly in China and Russia) from steel smelter s-l-a-g, but with issues such as supply and pollution.
Q4. What are BMN's vanadium resources and processing facilities?
A. They comprise (see company www site):
* Vametco, an integrated mine and processing facility: the mine is opencast, along a strike of approximately 3.5 km. It produces a steel-alloying vanadium carbon nitride product, called Nitrovan.
* Vanchem: a primary low-cost vanadium processing facility, producing vanadium pentoxide, ferrovanadium, vanadium chemicals and it is capable of producing vanadium trioxide.
* Mokopane: one of the world’s largest primary vanadium resources, foreseen as a primary source of feedstock for Vanchem. The long-term plan is to develop Mokopane into a standalone integrated mine and processing plant.
* Brits: prospecting rights and a mining right under application on farms adjacent to Vametco. Brits has the potential to supply additional feed tonnage for the Vametco plant, and if required, concentrate feed for Vanchem.
Presently, BMN produces 3400 mtV (metric tonnes of vanadium) per year, and has short-term plans to triple this to more than 8400 mtV, compared with the total global vanadium production in 2019 of around 110,000 mtV.
Q5. What underpins BMN's share price?
A. BMN's position as a low-cost vanadium producer, at a time when vanadium is in structural deficit, with the company's ambitious plans for increased production at a time when world-wide building (e.g. earthquake-proofing) regulations are expected to lead to an increased demand in future (e.g. in China, and elsewhere).
Good job Lionel.
For new investors I would also take a look at this site for its wide range of resources on all matters BMN (Courtesy of Alfacomp and contributions from many regulars of this bb)
https://thebushveldperspective.com/
Thank you Pdub
Your comment is important, but(fortunately) covered... see 6/8, Q16 (smiley emoji)
Well done Lionel. How about reposting this excellent summary every month?
Big thanks from a recent investor for the amazing detail and research in your posts. I invested here last week having had bmn on my watchlist for ages based on the current share price being where I hoped to enter, broker notes, general market and fundamentals. I knew this BB was mainly populated by sensible posters and just settled down with a vodka and tonic to do some further research and checked in here first. Very glad I did. Thanks
This is the sort of research I want to find when I go on the share chat forum. Makes me a bit less despondent on my current paper loss & gives me hope that sooner or later share price will increase
Great summary for newbies Lionel... Well done chap
What a great piece of work Lionel, a fair and well constructed summary.
I don't agree with brgmg69 comment though, I believe many of us sit in the middle ground and are all very well recieved by the whole board.
Responses to three specific questions:
@mywineman: "How about reposting this excellent summary every month?" Happy to consider that. In which case, suggestions for future adjustments are welcome, but I'd prefer to keep it fairly concise, to provide a framework only
@ cautionyourblast: "Are MWh and MW the wrong way around in the answer to Q6?". I don't believe so: in the SI system, energy is measured in J (Joules), power in W (Watts, i.e. J/s, think of your light bulb), and kWh (kilo-Watt hours) is again a measurement of energy (units of time cancel, think of your utility bill).
@BMN.AMG: "Can I use this on a dutch board?" Certainly - ja zeker, goed idee hoor
@ cautionyourblast: woops, you are correct, I inverted the words power and energy. Sentence should read: "Note that these batteries are characterised both by their maximum power output (measured in kW or MW), as well as their total contained energy (measured in kWh or MWh). " Apologies.
No apologies necessary, Lionel!
Makes much more sense now.
You are very kind to post all this; thank you, again.
Great post Lionel, thanks for making the effort.