(Alliance News) - Bushveld Minerals Ltd said Monday the South African Department of Mineral Resources & Energy has granted the company the mining right over the Mokopane project in Limpopo.
The vanadium project comprises the five farms Vliegekraal 783 LR, Vogelstruisfontein 765 LR, Vriesland 781 LR, Schoonoord 786 LR and Bellevue 808 LR.
The mining right also allows for the extraction of several other minerals over the entire project, including titanium, phosphate, platinum group metals, gold, cobalt, copper, nickel and chrome.
Mokopane has a JORC-compliant resource of 298 million tonnes, and a weighted average vanadium oxide grade of 1.8% in magnetite.
"The granting of a mining right application is a significant milestone in the development of the Mokopane vanadium project. It comes at an important time as the company executes its growth strategy," said Chief Executive Fortune Mojapelo.
"The Mokopane project is one of the best and most developed greenfield primary vanadium projects that is well positioned to support the company's growth strategy as primary supply to Vanchem, potential supply of ore to other third party processing facilities, all the while retaining the option to develop downstream primary processing capacity as the market develops and grows," Mojapelo added.
Shares in Bushveld Minerals were up 0.9% at 27.00 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Bushveld Minerals (BMN)