Bushveld Minerals Ltd - integrated primary vanadium producer - Receives payment of ZAR40 million, or approximately USD2 million, from Southern Point Resources of USD12.5 million due as part of Bushveld's USD18.4 million equity capital raising. Southern Point remains in default of the agreement until Bushveld receives the entire USD12.5 million. Says Southern Point previously claimed late transfer was caused by processing delays, but more recently said delay was due to an institutional funding partner defaulting on its agreement to provide funds. Southern Point says it will provide the funds no later than February 28.
Bushveld estimates that approximately two weeks production will be lost in January due to settlement delays. Kiln in Vametco is currently shut for refurbishment. Company believes it has sufficient working capital to sustain itself until the end of February, "albeit at reduced production levels".
Current stock price: 1.63 pence
12-month change: down 64%
By Emma Curzon, Alliance News reporter
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Bushveld Minerals (BMN)