Member Info for Alfacomp

In summary they accept the 30% BEE concept for new mining rights but not existing ones. Also they do not accept the 10% free carry allocated to labour (5%) and communities (5%) or the 1% EBITDA target to communities and labour suggested. Having seen the charter entertain many of interests of the EFF crazies the Mining Council is looking for some concessions to its position - and now is the first point that it can make calls for these. I suspect the 1% 'target' be rowed back on as a 'hope' rather than a legal demand, much like a lot of UK politicians row back their election promises - that's an easy one. The Free carry is a harder one to temper as the concept and 10% target is out there and is now perhaps a public expectation. Note the mining council have no issue with the 50,60,70% whatever requirements for black membership of BoD, junior management or spend on services.

Elon Musk needs a reality moment

Apparently the problem is compounded by the fact that if you put water onto a lithium ion battery fire you don't cool down the reaction and stop the fire but you do make a toxic slurry which then runs off and causes even more problems:- https://www.thebushveldperspective.com/slides/slide/fire-at-kahuku-wind-farm-56

Tyfoon - this is a grid scale battery, 7 months ago. https://www.thebushveldperspective.com/slides/slide/lithium-ion-fire-at-drogenbos-11-11-2017-37

The graph of page 13 of the presentation is also interesting - it shows Mokopane as an ore resource about the same size as Vametco but with 2-3 times the quality of grade: 1.45% - this is the scenario analysed in the 2016 PFS which had ONLY the very highest grade MML layers processed. You can see what happens to the overall resource size and average grade if you consider adding the very thick MML-Hanging wall band (1a) and also the AB layers (1b) in the graph in the article here:- https://www.thebushveldperspective.com/blog/public-blog-1/post/mokopane-vanadium-drilling-to-2016-pfs-225 Thus you can take your pick - A) a large resource with some of the highest grades in the world or B) a resource 5 times larger still with grades above what Vametco, Largo and Rhovan are currently working with. In low Vanadium price eras A) obviously allows the mine to remain profitable when all others are struggling. This is the basis of the 2016 PFS In high Vanadium price eras, like NOW B) obviously makes much more sense. In scenario B) I think you could easily double the NPV for Mokopane when it arrives. Which it will.

Buzzipster, in some respects it still under-represents what BMN has - eg total resources quoted as 439.6 MT of ore - but this still does not count anything for Brits, which could add another 100 MT to that figure. It is nice that it clearly lays out that all stages of expansion of production at Vametco are fully self-funded. Phase 1 (3035 TPA) was of course completed last year. Phase 2 (3750 TPA) is due to be completed this month and Phase 3 5000 TPA) will happen through 2019.

LadyJennifer - I'm not sure you are missing much as the report claims to analyse market share for Gildemeister, which went into administration about a year ago, FuMa-Tech and Golden Energy Fuel Cell, both of which I believe only manufacture membranes. It leaves out Schmid who make VRFB systems and Schmalz that make the stack for the Fraunhofer battery amongst others. The report seems to be simply a rehash of this one which dealt only with ion-exchange membranes:- https://www.marketresearchhub.com/report/global-ion-exchange-membrane-of-allvanadium-redox-flow-battery-industry-market-research-report-2017-report.html One of the main points about VRFBs is that the ion-exchange membrane is not so critical as the stuff on either side of it is exactly the same (albeit thanks to the wonder of Vanadium in different oxidation states). It is precisely this fact that makes Vanadium Flow batteries unique in the whole field of Flow Batteries.

Of course Vanadium Pentoxide is not just used for making Vanadium Flow Batteries - it is also used for steel strengthening applications. - or who would Largo have been selling their product to for the last couple of years ? also "He (Jack Bedder) added that over the next 10 years, the battery market “could represent maybe 7,000 tonnes of vanadium, but the upside is probably as high as 30,000 tonnes.” - well of at 5,000 tonnes Vanadium per GWh the Dalian plant alone will use 4,000 tonnes of Vanadium Also BMN itself is targeting 1GWh (5,000 tonnes Vanadium used) by 2020. Fangchenggang, of course, is aiming to process 20 times this amount of Vanadium into electrolyte (https://twitter.com/VanadiumWorld/status/855770899328319488 )

CG - that article seems a bit all over the place - lots of emotional stuff about how terrible south africa is and then onto vanadium and eskom but not a mention of Bushveld Minerals or even that South Africa mines the Vanadium he spends half the article making out he's something of an expert on.

earthling - you have chanced across one of the best informed groups of investors on AIM. You won't get the drops and buying opportunities here that you would on other AIM stocks. Have a look at https://www.thebushveldperspective.com to see what I am talking about.

Thanks for flagging up this video - I have now added this to the bushveld perspective reference section:- https://www.thebushveldperspective.com/slides/slide/the-end-of-the-oil-age-55

This is of course ahead of the 10th BRICS summit which is being held at the Sandton Convention Centre, in Johannesburg in late July. This is only 3km from Bushveld's main office. In fact Fortune to drop in there on his way to the IDC, which is only 500m further on. The focus of this summit is the "fourth industrial revolution" - which some commentators think is about the internet of things, where everyday products, such as refrigerators, will be able to send and receive data. Your refrigerator telling you that it thinks you have run out of milk, or embedding listening devices in everyone's homes so that Amazon can tell you what music to buy does not constitute an Industrial Revolution. Actually the fourth industrial revolutions is about renewable energy. This is how it goes 1st Industrial Revolution : Coal power allowed factories to generate sufficient power locally - farms abandonded for cities 2nd Industrial Revolution : Electrification - primarily lighting and electrical tools enabled much greater development in those cities that had them or access to grids 3rd Industrial Revolution: Oil based transportation system led to greater movement of people, air transport, global trade. the 4th Industrial revolution will come about when renewable energy sources, PV and wind are coupled with energy storage to produce turnkey power for all but without wrecking our ecosystem. The third world, where grid penetration is low will benefit the most.

Leafie - you will see that in the draft mining charter the definition of 'Black person' for the purposes of establishing BEE is:- "Black Persons" is a generic term which means Africans, Coloureds and Indians- (a) Who are citizens of the Republic of South Africa by birth or descent; or (b) Who became citizens of the Republic of South Africa by naturalisation before 27 April 1994; (c) a juristic person which- (i) is managed and controlled by a person contemplated in paragraph (a) and (b) and the persons collectively or as a group own and control majority of the issued share capital or members' interest, and are able to control the majority of the members' vote; Note how the highly suspicious 'and who would have been entitled to acquire citizenship by naturalisation prior to that date." has been removed. (The Guptas did not get naturalised until 2015)

Leafie, specifically to deal with people such as the Guptas who arrived in South Africa after coming from India in 1993 Under Zumas regime the definition of 'black' for BEE purposes was defined as:- “Black person – a generic term which means Africans, Coloureds and Indians – who became citizens of the Republic of South Africa (ii) on or after April 27 1994 and who would have been entitled to acquire citizenship by naturalisation prior to that date.” The last clause specifically defined the Gupta's as 'black' and it is believed that it was specifically inserted purely for their benefit. https://www.moneyweb.co.za/news/economy/how-did-the-guptas-get-painted-black/

according to the Mining Charter gazetted today:- "In respect of Junior Miners, a right holder may make representations to the Minister regarding the extent to which the Mining Charter elements shall apply" The definition of a Junior Miner must surely be based upon that proposed by the South African Mining Development Association and Mining Energy Policy Centre in 2014 ( https://www.thedti.gov.za/parliament/2014/SAMDA.pdf ) viz:- "– Junior Miners are companies with an Asset base of R50 million to R7 billion." 7 Billion rand is approximately 394 Million GBP - thus Vametco would appear to be in the Junior Miner classification. Of course Mokopane would be pursued via a different company, ditto Brits, and of course Bushveld Energy is an entirely separate entity which is not even subject to the Mining Charter as it doesn't mine anything. Thus it would appear that there is the possibility that none of the mining charter requirements published today would apply to BMN's operations.

Tyfoon it does not apply Bushveld Minerals, Bushveld Energy or any of the other bushveld subsidiaries - it applies to whoever has the mining right. In this case that is evidently Vametco Holdings (see page 33 https://www.thebushveldperspective.com/slides/slide/bushveld-minerals-junior-indaba-presentation-54) - will everyone stop running around like headless chickens.

I for one am very pleased that at long last we have a degree of certainty now and can now move forward. There is no doubt that Fortune knows how to meet the BEE requirements in an efficient manner and will do so on our behalf just as soon as he is required to do so. Thankfully the once empowered, always empowered principle has been fully upheld so there is no possibility of the endless dilution that a sequence of BEE partners coming in then selling out to whoever they like would have entailed.

Looks like a very big sell - that's another 3.2 Million in stickier hands now... and yet the day finishes flat - maybe worth looking into this.

Uksteveg - is this information publicly accessible or are you working on statements made c. 16 days ago ? If the former then it goes to show again the danger in using T20 buys - they simply incentivise the MMs to drop the price - thus one persons leverage might actually undermine many other's buy and hold positions.

YTSS - why do not more people have radar ?