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LONDON (Alliance News) - Bushveld Minerals Ltd Tuesday said it has delayed many of the target dates on major developments across its portfolio, citing a recent acquisition and factors outside of the company's control.
The mineral development company with several operations in southern Africa delayed the target dates for scoping studies and pre-feasibility studies at its P-Q iron ore project, Vanadium project and Mokopane tin project, when compared to a November presentation.
The company said the pre-feasibility study at its Bushveld P-Q iron ore project in South Africa has been pushed back to 2015 from its originally planned completion during 2014, while its Vanadium zone at the same site also has been delayed, with its scoping study being moved back to the third quarter 2014 from the first half and its pre-feasibility study being delayed to 2015 from completion during 2014.
Bushveld said it now expects a P-Q zone scoping study on the phosphate minerals in the fourth quarter this year, with a pre-feasibility study on the minerals during 2015.
The company has been carrying out a range of studies over its flagship Bushveld site, which has seen a range of changes since November. The company amended its prospecting rights at the site to include mineral phosphate ore in February and in November the company began building a dedicated vanadium platform at the site after tests found strong vanadium results.
In March, the company also substantially upgraded its total inferred and indicated mineral resource on the P-Q Deposit at the site by 29% to 991 million tonnes from 770 million tonnes previously.
On Tuesday, the company also said the scoping study for its Mokopane Tin project has also been moved back to the third quarter in 2014 from its originally planned January date. It added that a first JORC resource statement and a scoping study for its Marble Hall tin project are expected in 2015.
In May, the company agreed to extend the technical due diligence and evaluation period on its potential acquisition of the Zaaiplaats tin tailings dump in South Africa to complete various tests. On Tuesday, the company said completion of due diligence is expected in August.
In March, the parties signed an agreement for Bushveld to acquire an equity interest of up to 87% in Zaaiplaats for a total of roughly GBP559,470, conditional to the outcome of technical due diligence and evaluation of the site over a two month period, which started on March 20.
Upon completion of a satisfactory due diligence process, the company will acquire an initial 47% shareholding, comprising 20% from Brent Trust for GBP111,900 and 27% from Sephaku for GBP111,900.
"While there are delays expected, they result from factors beyond the control of the company, or the need to incorporate recent developments in the project, such as the potential acquisition of the Zaaiplaats tailings project," Chief Executive Fortune Mojapelo said in a statement.
"As a management team, we remain confident in the fundamentals of each of our projects and our approach to their development. We look forward to updating the market accordingly," Mojapelo added.
Bushveld shares were down 3.3% to 3.55 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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