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(Alliance News) - Bushveld Minerals Ltd on Thursday said it has received approval from the Competition Commission of South Africa to acquire assets from Duferco Participations Holding SA, without conditions.
Back in May, Bushveld agreed to buy Vanchem Vanadium Products Pty Ltd's vanadium plant, the ferrovanadium production business of South African Japan Vanadium Pty Ltd, and the outstanding shares of Ivanti Resources Pty Ltd. The deal was valued at USD68 million.
Vanchem, SA Japan, and Ivanti are all subsidiaries of Duferco.
At the time, Bushveld anticipated USD45 million of refurbishment costs over the next five years.
On Thursday, the vanadium producer said the transaction remains on track to be completed by the end of October and the company expects outstanding conditions, which are the cession of specific commercial agreements and South African Reserve Bank approval, to be satisfied.
In addition, Bushveld is progressing negotiations with local banks for a debt facility to supplement existing cash resources.
"We remain on track to complete the acquisition within our targeted timeframe, at which point we will have significantly increased our processing capacity, giving us the ability to unlock even more of our existing large high-grade resource base and produce a diverse array of products for the steel market, chemical industry and energy storage sector," said Chief Executive Fortune Mojapelo.
Bushveld shares were trading 5.3% higher in London on Thursday at 22.90 pence each.
