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Share Price: 4.65
Bid: 4.50
Ask: 4.80
Change: -0.10 (-2.13%)
Spread: 0.30 (6.667%)
Open: 4.75
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Low: 4.60
Prev. Close: 4.70
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Bushveld Sees Increase In Ore Reserves; Provides Loan To AfriTin (ALLISS)

Wed, 22nd May 2019 15:06

LONDON (Alliance News) - Bushveld Minerals Ltd on Wednesday reported data from the 2018 drilling campaign at the Vametco vanadium mine in South Africa.

Bushveld has a 74% interest in Bushveld Vametco Alloys Pty Ltd - a primary vanadium mining and processing company - the Mokopane vanadium project, and the Brits vanadium project.

The AIM-listed vanadium producer said the campaign comprised of 13 drillholes over a total of 1,506 meters of diamond drilling. Ore reserves have more than doubled to 279,100 tonnes, with the grade increasing by 3%. Indicated resources, meanwhile, have almost tripled to 965,900 tonnes.

Bushveld said the 31% increase in the 2019 mineral resource over the 2017 estimate is primarily attributed to reporting the mineral resource to a maximum depth of 150 meters below surface, versus 120 meters in 2017.

"Following a significant amount of exploration work, including drilling to greater depths, as well as a reinterpretation of the geological model to include the cut-off grade of the magnetite, we have been able to report a significant increase in ore reserves and grade from the 2017 estimate," said Chief Executive Fortune Mojapelo.

Separately, Bushveld said it has agreed to provide a short-term standby working capital support facility to AfriTin Mining Ltd to the sum of ZAR30.0 million, about GBP1.7 million.

Bushveld currently holds 9.5% of AfriTin.

The 12-months facility is meant to fund AfriTin's working capital requirements leading to expected tin mine commissioning this year, and subsequent longer-term refinancing.

Interest on this facility accrues at a rate of 12.5% per annum, payable quarterly, on drawn amounts, Bushveld said, and a facility fee equal to 1.0% of the facility amount. The drawn amounts are repayable at any time during the 12 months term at no additional cost to AfriTin.

"The funding support provided gives AfriTin the needed time to finalise its own longer-term debt financing on the back of anticipated tin production at Uis project later this year. The support provided therefore enables Bushveld Minerals to secure value in its remaining shareholding in the company and thereby facilitate for the eventual final exit from the tin business by the end of the facility term," explained Mojapelo.

Simultaneously on Wednesday, AfriTin announced it has raised GBP3 million via 99.6 million shares subscription at a price of 3 pence each. The fundraising price represents a discount of 9% to the closing price on Friday last week.

AfriTin shares were trading 6.1% lower on Wednesday at 3.10p each, while Bushveld shares were trading 3.5% higher at 29.75p each.

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23 Jan 2023 15:43

Andrada Mining shares up as mineral inventory expands on new resource

(Alliance News) - Andrada Mining Ltd on Monday boasted the expansion of its mineral inventory, after declaring a new inferred resource for tin close to active work at the Uis Mine.

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11 Jan 2023 09:30

CORRECT: Getech signs deal; AfriTin confirms name change

(Corrects that Zenith Energy is based in Canada, not in Scotland.)

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10 Jan 2023 21:34

TRADING UPDATES: Getech signs deal; AfriTin confirms name change

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5 Jan 2023 20:41

IN BRIEF: AfriTin Mining to change name to Andrada Mining

AfriTin Mining Ltd - technology metals mining company focused on Namibia - Says shareholders approved resolution 3 regarding the proposed change of name of the company to Andrada Mining Ltd on Thursday. Reports that it applied to the Registrar of Companies in Guernsey to register this change of name. Notes that it will take effect with the receipt of confirmation from the registrar.

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29 Dec 2022 13:40

UK shareholder meetings calendar - next 7 days

Friday 30 December 
Amala Foods PLCAGM
Apollon Formularies PLCAGM
Europa Metals LtdGM re Denarius transaction
Goldplat PLCAGM
Ncondezi Energy LtdAGM
Ross GroupAGM
Secure Property Development & Investment PLCAGM
Time Out Group PLCAGM
Monday 02 January 
no events scheduled 
Tuesday 03 January 
no events scheduled 
Wednesday 04 January 
Thor Mining PLCGM re name change to Thor Energy PLC
Borders & Southern Petroleum PLCGM re fundraising
Thursday 05 January 
AfriTin Mining LtdEGM re name change
Shield Therapeutics PLCGM re share transaction
  
Copyright 2022 Alliance News Ltd. All Rights Reserved.

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7 Dec 2022 14:44

AfriTin Mining laboratory tests produce high-grade lithium pelatite

(Alliance News) - AfriTin Mining PLC on Wednesday announced that laboratory tests had produced high-grade lithium pelatite concentrate.

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TRADING UPDATES: 7digital loan pact; Okyo Pharma files with SEC

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5 Dec 2022 14:31

AfriTin Mining makes further lithium oxide discoveries at Uis mine

(Alliance News) - AfriTin Mining Ltd on Monday announced further results on its lithium and tantalum drilling programme at its flagship Uis mine in Namibia.

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24 Nov 2022 13:58

AfriTin Mining touts potential of Namibian licence on test results

(Alliance News) - AfriTin Mining Ltd on Thursday said initial exploration results near its flagship Namibian mine have confirmed the possibility of lithium, tin and tantalum mineralisation at the site.

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22 Nov 2022 20:02

TRADING UPDATES: AfriTin hails drilling finds; Severfield profit rises

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17 Nov 2022 13:09

AfriTin Mining loss widens as cost of sales rise even as revenue falls

(Alliance News) - AfriTin Mining Ltd on Thursday said its loss widened in the first half of its financial year, after higher fuel and maintenance spending caused cost of sales to rise despite a decline in revenue.

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