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(Alliance News) - Vanadium miner Bushveld Minerals Ltd on Wednesday reported a rise in production, with the firm on track for annual guidance.
Production for the second quarter ended June was 742 metric tonnes of vanadium, 14% higher than in the first quarter and 18% higher year-on-year.
For the six months to June, Bushveld's vanadium production was 1,392 metric tonnes, 2% higher than the year before.
Bushveld should meet 2019 production guidance of 2,800 to 2,900 metric tonnes of vanadium, with a number of productivity initiatives planned for the second quarter. It hopes to hit 3,400 metric tonnes of vanadium during 2020.
Production in 2018 was 2,560 metric tonnes of vanadium, which was short of guidance of 2,600 to 2,650 metric tonnes.
On the cost front, Bushveld said unit costs fell 14% for the first half a year before, helped by a weaker rand against the dollar. Guidance is unchanged for 2019.
Bushveld's revenue is guided to be USD74.3 million for the half, 8.6% lower year-on-year, though earnings before interest, tax, depreciation, and amortisation is set to rise 15% to USD48.6 million.
Bushveld's Chief Executive Fortune Mojapelo said the second quarter was the company's best since the second quarter of 2017.
Shares were 2.5% higher on Wednesday in London at a price of 26.25 pence each.
