LONDON (Alliance News) - Bushveld Minerals Ltd Friday said Lemur Resources has signed a binding term sheet with Sable Metals and Minerals Ltd to acquire a vanadium project in South Africa.
Bushveld holds over a 63% controlling stake in Australian-listed Lemur Resources.
Lemur Resources has signed the binding deal to acquire the project which comprises three greenfield properties in the North West province of South Africa which are prospective for vanadium.
"We are pleased with this development, which is in line with the increasing focus of the Bushveld Group on developing a globally significant vanadium platform. The acquisition adds an important foothold on the Western limb of the Bushveld Complex, close to substantial, existing brownfield vanadium processing infrastructure," said Bushveld Chief Executive Fortune Mojapelo.
Bushveld shares were down 2.7% to 3.77 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Bushveld Minerals (BMN)