Bushveld Minerals Ltd - South Africa focused-vanadium producer - For the three months ended March 31, achieves production of 688 metric tonnes of vanadum, down 22% from 880 mtV the same period a year before, due to the previously announced 35-day planned maintenance shutdown at Vametco.
As a result of lower production, sales also declined 27% year-on-year to 788 mtV from 1,080 mtV.
Looking ahead, guidance for 2021 is expected towards the lower end of 4,100 mtV and 4,350 mtV, though there are risks to this guidance, including the slower than expected ramp-up following the maintenance shutdown and the recent industrial action.
"We recognise that Vametco has underperformed at times and work such as the 35-day maintenance shutdown is expected to improve on the reliability and performance issues experienced in the past. Since the industrial action and ramp-up we have seen a stable period of normalised production levels. Various workstreams remain underway to maintain this stability, including maximizing safety and house-keeping initiatives, better managing process system constraints and optimizing preventative maintenance programmes," says Chief Executive Officer Fortune Mojapelo.
Current stock price: 15.50 pence, down 6.0%
Year-to-date change: down 21%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Bushveld Minerals (BMN)