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(Alliance News) - Bushveld Minerals Ltd on Wednesday said its loss narrowed and revenue rose as it announced the appointment of a new chief executive.
Bushveld shares fell 14% to 3.10 pence each in London on Wednesday morning.
The South Africa-focused vanadium production company reported 2022 revenue of USD148.4 million, up 39% from USD106.9 million a year ago.
The firm said pretax loss was USD36.8 million, narrowing from a loss of USD38.9 million the year prior. Bushveld said its profits were impacted by the effects of the war in Ukraine and loadshedding in South Africa, as well as its Vanchem plant failing to meet production targets.
The company noted that it saw an impairment loss of USD24.0 million, compared with a loss of GBP2.4 million in 2021. USD17.2 million of the impairment relates to Vanchem's slower than expected ramp-up.
Looking ahead, Bushveld said it is on track to meet its production guidance for 2023, while its electrolyte plant and hybrid mini-grid are expected to be fully operational by the second half of 2023.
In a separate announcement, Bushveld said it has appointed Craig Coltman as its new chief executive from July 1, when current CEO Fortune Mojapelo will step down. Coltman is the former chief financial officer of De Beers Consolidated Mines, and is the chair of the De Beers Pension Fund.
Chair Michael Kirkwood said: "The board is delighted to have attracted an executive of Craig's experience and qualities to Bushveld. He is a strategically focused change-leader with a strong track record across multiple disciplines. We look forward to supporting him in realising the embedded value within the group."
By Harvey Dorset, Alliance News reporter
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